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Nairaland Forum / Nairaland / General / Business / The Importance Of Bank Verification Number (BVN) (73450 Views)
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Re: The Importance Of Bank Verification Number (BVN) by amywonda: 6:26am On Mar 16, 2015 |
DaBullIT:my dear, hackers can install Kellogg erst to get ur pin from a remote location, but when ur print is ur password, if we get to that stage, the hackers can't access it and thus cloning your card wohkd be useless, the truth is that the Bvn is not against hackers, it's against local fraud, because out banking system looses more to local fraud than to hackers, with Bvn people can't open fake accounts with fake information again because their biometrics would bring out their real info, and thus all the fake accounts used to perpetrate fraud woukd be lost, and that type of fraud greatly reduced, some kind of frauds need an insider but not all, if a local spammed get hold of ur account information through spacing, with the present bank practice all he has to do is open a dummy account and transfer your funds there, but with Bvn the dummy account is eradicated |
Re: The Importance Of Bank Verification Number (BVN) by amywonda: 6:31am On Mar 16, 2015 |
But really all the had to do was request all customers to provide nin, with that u can't provide two nin at different banks because the verifier would bring out ur real info, it makes the whole Bvn paint the Jonathan team look like they are not working together, how can ur cbn governor be touting Bvn when u have already set up the NiN, it means the cbn doesn't trust ur own programs as d head of state, that paints the picture of a house divided, what is d coordinating minister doing about it, all arms of government should work together in harmony and not a house divided on itself... Next USAutoBuy: |
Re: The Importance Of Bank Verification Number (BVN) by Nobody: 6:36am On Mar 16, 2015 |
tiamiyukunle69: go back to the bank with ur small ticket they gave you after registration, they can always check and write out for you |
Re: The Importance Of Bank Verification Number (BVN) by DaBullIT(m): 6:38am On Mar 16, 2015 |
amywonda: You have made sense but I still don't agree with you, what you are saying in essence is that bank PHB, Skye, Gtb, Fbn, diamond, unity wema. E. T. C will have a common data pool which they would compare to verify? Even that's more dangerous for customers and banks themselves, Besides the real fraudsters engage cmd's and bank managers to clear out funds from illegal sources, I heard of a case where manager used a live account to clear out $800k , how would bvn prevent that? Furthermore almost all the banks are asking you to create account online, although the accounts will be limited to certain amount per transaction it doesn't stop fraud Finally Nigerian banks are skipping important steps they want to move directly to perfect banking, for this to happen we need population management database, Citizens identification number which would be issued at birth to babies and updates frequently like the west's Social Security number even that does not work effectively. Man makes a rule, Man breaks the rule, I agree with you partially but the Nigerian approach can not work Period 1 Like |
Re: The Importance Of Bank Verification Number (BVN) by USAutoBuy(m): 6:38am On Mar 16, 2015 |
amywonda: Not exactly. The data collected is different for different purposes. Not everyone that register for NIN has bank account and vice versa. People living overseas will not have NIN but might have bank account. So the NIN database is useless. Second, you have to worry about pairing the NIN database with account numbers which might create errors. Its better, faster and easier for the bank to just record your data against your fingerprints one time. Lastly, is the issue of ownership. CBN DOES NOT OWN the NIN database. They cannot just have access to it even if they want to. Its better for banks to just make their own and use it as they see fit cos all the info they need will be there when setting up 1 Like |
Re: The Importance Of Bank Verification Number (BVN) by Nobody: 6:39am On Mar 16, 2015 |
Caracta: ...but you ll still have to take the BVN to other Banks |
Re: The Importance Of Bank Verification Number (BVN) by USAutoBuy(m): 6:44am On Mar 16, 2015 |
shollynoob: Verification |
Re: The Importance Of Bank Verification Number (BVN) by wordcat(m): 6:58am On Mar 16, 2015 |
franciskaine: Says who? Hope you're not among #Team-MarkOf666 Go do your verification |
Re: The Importance Of Bank Verification Number (BVN) by slimyem: 7:30am On Mar 16, 2015 |
stepo707:It shouldn't take more than 24 hrs . if you don't get it after 24hrs,it means your verification was most probably unsuccessful.You have to go register again. |
Re: The Importance Of Bank Verification Number (BVN) by Nwunuken(m): 7:37am On Mar 16, 2015 |
funsho75:begining of the mark of 666 |
Re: The Importance Of Bank Verification Number (BVN) by jimmynauty: 7:48am On Mar 16, 2015 |
hedonistic:where there is a problem, an opportunity to proffer solution, solution is value and men will pay for value. #teamWhiteHat |
Re: The Importance Of Bank Verification Number (BVN) by Southark: 7:57am On Mar 16, 2015 |
That is setting us up for identity theft. Who is going to manage the data? How can I trust CBN to manage my bio data based on the Nigeria public sector history. Good part is that it is not mandatory. If they have refused to use RC Number (for companies) in managing corporate credit performance across several banks, will they use BVN? Some specific companies have been recognized for their biodata technology. Good luck to them and their bank accounts. |
Re: The Importance Of Bank Verification Number (BVN) by Anointed08(m): 7:57am On Mar 16, 2015 |
engrhorla:. It took me two weeks to get my own BVN from First Bank. But if it varies from customer to customer, that is not my fault o. |
Re: The Importance Of Bank Verification Number (BVN) by GoldEnyong(m): 8:04am On Mar 16, 2015 |
Stored my money at home. No verification required. |
Re: The Importance Of Bank Verification Number (BVN) by Chuksgeo: 9:28am On Mar 16, 2015 |
End time preparations, quote me |
Re: The Importance Of Bank Verification Number (BVN) by Nobody: 9:37am On Mar 16, 2015 |
USAutoBuy: Take ya tym |
Re: The Importance Of Bank Verification Number (BVN) by obosirow: 10:14am On Mar 16, 2015 |
End time things |
Re: The Importance Of Bank Verification Number (BVN) by harmony940(m): 10:25am On Mar 16, 2015 |
If this is fully actualised, internet payment merchant such as paypal will allow us all Their features as people sending money to us, and not only us sending to them. Our repution in the internet will be a bit okay,its just too hard to make online payment even with Nigeran paypal. I drop my hat! |
Re: The Importance Of Bank Verification Number (BVN) by Themandator: 10:34am On Mar 16, 2015 |
Politicians with multiple accounts under different names and Sex are done for.... Civil servants can no longer open account wi5h their child's name to hide billions. Kudos to Jonathan... The man wey sabi. |
Re: The Importance Of Bank Verification Number (BVN) by Themandator: 10:45am On Mar 16, 2015 |
Southark: My advice to you : Register while it is still easier.;after June you will be the one to beg to do it unless there is an extension |
Re: The Importance Of Bank Verification Number (BVN) by Bimpe29: 10:55am On Mar 16, 2015 |
It is a protective measure on the part of depositors, and good working platform for the bankers. A veritable economic tool for the government at large. |
Re: The Importance Of Bank Verification Number (BVN) by luminary00(m): 12:12pm On Mar 16, 2015 |
I have done mine already. |
Re: The Importance Of Bank Verification Number (BVN) by stepo707: 12:46pm On Mar 16, 2015 |
slimyem: i went to the bank and then they retrieved it for me.Thanks |
Re: The Importance Of Bank Verification Number (BVN) by Nobody: 2:07pm On Mar 16, 2015 |
wordcat:not at all brother, I even castigate those who preach such around me. My dislike for the program stems from the fact that our existing details are with the banks. The BVN ish is a repetition of what has already been done before. |
Re: The Importance Of Bank Verification Number (BVN) by wordcat(m): 2:39pm On Mar 16, 2015 |
franciskaine: Yeah, but now they're taking our FINGER prints which makes it different from others. |
Re: The Importance Of Bank Verification Number (BVN) by Nobody: 3:00pm On Mar 16, 2015 |
wordcat:Sir, u win. |
Re: The Importance Of Bank Verification Number (BVN) by NobleG1(m): 3:00pm On Mar 16, 2015 |
USAutoBuy: American banks as you agreed uses Social Security NOT fingerprint or any other biometric data. Nigeria should have created a Social Security number system which would have also done the job. In the U.S. no organizationn or company or institute has the right to obtain your biometric data except police ONLY when you commit crime! Banks shouldn't have your biometric data for any reason. It just doesn't add up. |
Re: The Importance Of Bank Verification Number (BVN) by wordcat(m): 3:02pm On Mar 16, 2015 |
franciskaine: As an Atheist, I don't argue to win; rather I argue to learn. In this case, there's No winner and No loser. 1 Like |
Re: The Importance Of Bank Verification Number (BVN) by Nobody: 3:14pm On Mar 16, 2015 |
Sir, pls stop that notion. God exists! |
Re: The Importance Of Bank Verification Number (BVN) by freshcvv(m): 3:56pm On Mar 16, 2015 |
engrhorla: Doesn't make sense to me at all.. |
Re: The Importance Of Bank Verification Number (BVN) by USAutoBuy(m): 4:25pm On Mar 16, 2015 |
NobleG1: But in Nigeria, if you implement something like social security number, it MIGHT be riddled with fraud, but you only have one fingerprint. And for your info, several years ago, to combat fraud in the US, if you want to cash a check and you don't have an account with that bank, they will ask you to fingerprint on the check. Just an index finger. By that if there is any issue, they turn it over to the police. Granted there is a database in the states. Fraud dropped almost 90%. Nigeria lacks any database hence the banks are beginning this. For your info, there are some companies that requires the workers to clock in with fingerprint. Reduces the issue of someone clocking in for another worker. The fingerprint database is kept with the company in those cases Regards |
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