Impact of Bank Verification Number on Fraud Management in Nigeria's Financial System

Student: Aminat Taiwo Al-Ameen (Project, 2025)
Department of Business Administration
Osun State Polytechnic, Iree, Osun State

Abstract

This study investigates the impact of the Bank Verification Number (BVN) on fraud management within Nigeria’s financial system. The introduction of the BVN by the Central Bank of Nigeria aimed to strengthen security, enhance customer identification, and reduce fraudulent activities in the banking sector. The research evaluates how the BVN has improved transparency, accountability, and trust among financial institutions and customers. Using both qualitative and quantitative approaches, data were gathered from selected banks and analyzed to assess the effectiveness of BVN in curbing identity theft, unauthorized transactions, and other financial crimes. Findings reveal that the BVN has significantly contributed to reducing fraud cases and improving operational efficiency in Nigeria’s financial industry. The study concludes that continuous enhancement of BVN technology, coupled with public awareness and strict regulatory enforcement, will further strengthen fraud management and ensure a more secure financial environment.

Keywords
Bank Verification Number Fraud Management Financial Security Identity Theft Banking System Nigeria Fraud Prevention Customer Verification Digital Banking Financial Integrity
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