Financial and online theft remain some of the most common forms of crime in Nigeria today.  This year alone, fraud cases have risen by over 45%, with digital banking platforms being the most exploited. As more people transact and identify themselves online, fraudsters are finding new ways to manipulate systems and steal from unsuspecting victims.

One area of growing concern is BVN-related fraud. The Bank Verification Number (BVN), which is meant to help banks verify your identity and prevent fraud, is now being targeted itself. This has led to rising anxiety among individuals and business owners alike.

If you've misplaced your number or mistakenly shared your BVN online, you’ve probably wondered if it can be used against you financially. 

In this article, I’ll guide you through how BVN-related fraud works, what to do if your BVN has been exposed, and how to keep both yourself and your business safe.

What Makes Your BVN Important?

Your BVN, or Bank Verification Number, is an 11-digit number issued by the Central Bank of Nigeria to uniquely identify you across all banks and financial platforms in the country. It links your biometric information to your financial identity, helping institutions verify that you are who you say you are.

For individuals, it’s a security measure that reduces identity theft. For businesses, especially those in fintech or lending, collecting BVNs during onboarding is crucial for verifying real customers and staying compliant with KYC regulations. It also plays a key role in linking with your NIN for full regulatory compliance.

What Happens If Someone Has Your BVN?

So you’ve misplaced your SIM card or phone, or mistakenly shared your BVN online, and now you’re thinking, what can someone do with my BVN?

Here are answers to some of the most commonly asked questions in this situation.

Is it safe to share my BVN online?

It is not safe to share your BVN online or with anyone you can’t verify in the first place. While your BVN alone won’t give someone direct access to your bank account, it can be used to gather other sensitive information or impersonate you.

Some scammers set up fake NIN-BVN linking portals, job application forms, or loan offers just to get people to submit their BVNs. Once they have it, they can combine it with your phone number, full name, or date of birth to pull off more serious fraud.

Can a scammer use my BVN to hack my account?

Your BVN by itself cannot be used to hack your account. However, it can be used to set you up for a scam.

Fraudsters may use your BVN to attempt a SIM swap, call your bank pretending to be you, or send phishing messages asking for your PIN or OTP. This type of fraud usually depends on combining your BVN with other information they already have about you.

Can my BVN be used to withdraw money from my account?

No, a BVN alone cannot be used to withdraw money. Banks will always require additional layers of verification, like your debit card, banking app PIN, or OTP, before allowing transactions.

However, if someone already has other details like your account number and OTP, your BVN can help them impersonate you more convincingly.

Can my BVN be used to take a loan without my consent?

Yes, and this is one of the biggest risks. Some scammers use BVNs to apply for loans on unregulated loan platforms that don’t do proper identity checks. All they need is your BVN, phone number, and date of birth. 

How Fraudsters Can Exploit Your BVN

Here are some common ways fraudsters can exploit your BVN if it falls into the wrong hands:

1. SIM-Based Attacks

If your phone or SIM card gets into the wrong hands, fraudsters can use your BVN and phone number to access sensitive accounts. With the SIM, they can receive your OTPs and banking alerts, making it easier to impersonate you. 

2. Phishing Scams

Fraudsters often send fake emails or texts claiming to be from your bank, asking you to confirm or verify your BVN. These messages usually include a link to a fake website that looks real. Once you enter your BVN, they now have a key part of your identity and can follow up with convincing calls or use the info to attempt identity fraud.

3. Loan App Fraud

Your BVN can also be used on shady loan platforms to obtain loans without your consent. If a scammer gets access to it, they may apply for quick loans in your name, especially on apps that don’t carry out proper identity checks. You might only find out when you begin receiving unexpected repayment notices or credit alerts.

4. Social Engineering & Impersonation

Fraudsters can combine your BVN with other details like your birth date or email, then pretend to be you when contacting your bank or calling as fake customer support. Since they already know your name and BVN, it’s easier for them to sound convincing and trick you into sharing more sensitive information.

5. Data Breaches and Leaks

Your BVN can also end up in the wrong hands through data breaches, especially when bundled with other details like your NIN or email. Scammers often buy these data sets online and use them to open fake bank accounts or apply for loans and government benefits. Fraud rings are actively harvesting BVNs from compromised devices and fake websites to commit identity theft on a large scale.

Steps to Take If Your BVN Has Been Compromised

Now that you know how easy it is for fraudsters to exploit your BVN, you’re probably wondering what to do if yours has been exposed or misused. Here’s a simple guide on what steps to take:

Step 1: Visit Your Bank (or Call Their Customer Support)

Start by going to your bank branch or calling their customer care line. Let them know you suspect your BVN has been compromised. Ask them to flag your account for potential fraud, place restrictions on transactions tied to your BVN, and activate extra security checks before approvals or changes can be made on your account.

Step 2: Review Your Bank Statement and Loan History

Check through your recent bank transactions and account statements to spot anything unusual. Also, use your BVN to confirm it hasn’t been linked to any bank accounts or loan applications you didn’t authorize. If you’re not sure, contact your bank or a credit bureau to get a full picture of any financial activity tied to your BVN.

Step 3: Escalate the Issue to NIBSS or the CBN

If your bank is slow to respond or you believe the situation is more serious, escalate the issue. You can contact NIBSS directly through their website or send a report to the Central Bank of Nigeria’s Consumer Protection team at [email protected]. Be sure to include any proof you have: SMS alerts, suspicious emails, or screenshots showing unauthorized activity.

Step 4: Report to Law Enforcement

If someone has taken loans or opened accounts in your name using your BVN, report the incident to the authorities. Visit the Cybercrime Unit of the Nigerian Police or file a report with the EFCC. This report can help protect you legally and prevent you from being held responsible for fraud you didn’t commit.

Step 5: Secure All Related Accounts

Change the passwords and PINs for all your important accounts, starting with your bank app, email, and any other accounts tied to your phone number or BVN. Set up two-factor authentication (2FA) where possible and update your recovery phone numbers and emails to ensure only you can access them.

Step 6: Be Wary of Follow-Up Scams

Once fraudsters get hold of your BVN, they may try to contact you pretending to be from the bank or a recovery agent. Don’t share any OTPs, PINs, or sensitive information over the phone, through text, or on websites you don’t fully trust. If in doubt, contact your bank directly using their verified support channels.

How to Protect Yourself from BVN-related Fraud

Here are simple actions you can take to reduce the chances of your BVN being misused again:

1. Keep Your BVN Private

Treat your BVN like you would your ATM PIN. Don’t share it in online forms, with third-party agents, or over the phone unless you’re sure the platform is legitimate and secure.

2. Watch Out for Phishing Attempts

Ignore messages or calls asking for your BVN, account details, or OTPs, especially if they come with urgent claims or suspicious links. Even when they look official, take a moment to verify.

3. Use Strong, Unique Passwords

 Set different, complex passwords for your bank app, email, and mobile devices. Avoid using easily guessed info like your name or birthdate, and change your PIN regularly.

4. Protect Your SIM Card

Activate SIM lock and PIN protection to prevent fraudsters from hijacking your line or intercepting verification codes tied to your bank or BVN.

5. Monitor Your Accounts Often

Check your bank transactions and loan history regularly. You can also request your credit report or check which accounts are linked to your BVN through your bank.

How to Prevent Fraudulent Use of BVN on Your Platform

BVN fraud doesn’t just affect individuals. If you run a fintech app or any digital business handling money, fraudsters using stolen or mismatched BVNs can expose your business to financial and regulatory risks. This is why you need an identity verification and fraud prevention tool like Dojah to safeguard your business. 

Here’s how Dojah can help you prevent fraud on your platform:

BVN & Identity Checks: With Dojah’s Easy Lookup, you can verify a user’s BVN, NIN, phone number, and more in real time. Combining these checks helps you catch stolen identities, spot inconsistencies, and prevent fraud before users even complete onboarding.

Face Match & Liveness Detection: With face match and liveness check, you can ensure a real person is behind each verification, not a static image or impersonator, reducing your exposure to identity theft.

AML Watchlist Screening: Dojah also supports AML watchlist checks, allowing you to screen users against known criminal databases and flag high-risk profiles during KYC.

Transaction Monitoring: With Dojah’s transaction monitoring, you can track suspicious patterns like multiple failed logins, repeated failed transfers, or sudden spikes in activity, even after onboarding.

👉 See how Dojah helped Mima prevent fraudulent sign-ups and improve risk detection across its platform.

Prevent Fraud and Stay Ahead with Dojah

 If you are looking to reduce identity fraud, block suspicious activity, and protect your business without slowing down growth, Dojah gives you the tools to do it.

Our fraud prevention solutions are fast, easy to integrate, and trusted by leading businesses across Africa.

👉 Book a demo to get started today.

 Frequently Asked Questions (FAQs)

1. Can someone use my BVN for fraud?
 Yes. If a fraudster gets access to your BVN along with other personal information, they can impersonate you to open accounts, apply for loans, or commit identity fraud on financial platforms.

2. Can someone use my BVN to withdraw money?
 Not directly. Your BVN alone cannot be used to access your bank account or withdraw money. However, if it’s combined with sensitive banking details, it can be used to access loan platforms or initiate unauthorized financial activities in your name.

3. How can I stop someone from using my BVN online?
 Avoid sharing your BVN with untrusted apps or websites. Be cautious of phishing attempts and always verify that you're using platforms that implement strong identity verification and fraud prevention systems.

4. How can I block my BVN from a loan app?
 If you suspect your BVN has been used without your permission on a loan app, report it to the app provider immediately. You should also notify your bank and contact Nigeria’s credit bureaus (like CRC Credit Bureau or FirstCentral) to request a dispute or review.

5. How do I protect my business from BVN fraud?
 Use a multi-layer verification approach. Tools like Dojah allow you to verify BVNs in real time and cross-check with other identity signals like NIN, phone number, facial recognition, and liveness checks.