• Sunday, May 19, 2024
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Your Bank may not be the only one with your banking information

Bank Verification Number (BVN)

There’s a popular misconception that banks are the only ones with account holders’ banking information such as their Bank Verification Number and card details. No doubt, they become the first to be held accountable when a leak occurs, with customers blaming them for revealing their financial information to a third party. The truth, however, is that your bank isn’t the only one with your banking information as a lot of other platforms request for this too.

Mobile apps: One of the ways your details can be obtained is through mobile apps. You may be wondering how this is possible, but, some apps are malicious in nature and after downloading such apps, and allowing them access to your contacts, camera, and so on, you’re no longer 100 percent secure. Most people are in the habit of saving their BVN on their phone contacts, making it easier for fraudsters to pick up and use it for a fraudulent act.

Saving and investment platforms: In the past years, there’s been a surge in saving and investment platforms offering individuals eye-catchy interest rates and helping them balance their finances. Before one can begin saving or investing in these platforms, BVN and card details must be provided. Additionally, loaning platforms too require such information from individuals. It is very important to be extra vigilant when using these platforms. Always use reliable companies.

Government organizations: Government organizations such as the National Identity Management Commission (NIMC), and a host of others require citizen’s Bank Verification Number(BVN) in order to get them registered.

Subsequently, let’s keep these in mind and not only blame the banks responsible when there is a data leak. In fact, one of the ways scammers get such information is by data-mining their victim’s data from databases from all kinds of sectors. When it comes to protecting customers’ financial information, Access Bank is one of the banks that hold this at top priority and will never disclose your information to anyone.