Lilisticlili:
Example is "Paylater"

Those people are fraudulent by nature

Reeling in BVNs for 10k

Lies. I have used them and they are as legit as can be. Stop spreading lies.

.

Moneyfem:
WHY YOU SHOULD BEWARE OF UNLICENSED ONLINE SMALL LOAN APPs

Why are Nigerians so lazy in getting facts before coming out to spew trash? Complete your story with a further research and say how BVN will be used for fraud. Thanks. Stop spreading rumors. That's how Nigerians keep being incited wrongly with religion and ethnicity to all wrong things.

For

#Team paylater

The CEO of Owofem is an Olodo. Your BVN is for verifying your identity only. Your account cannot be accessed from your BVN alone.

The OP knows nothing.

When you don't know anything, you should research, not write an uninformed article.

No one can steal your money through your BVN. The BVN is a number like your passport number. It is for verification and tracking only.

Besides, people that are looking for loan, what money do they have to lose?

Lilisticlili:
Example is "Paylater"

Those people are fraudulent by nature

Reeling in BVNs for 10k

Olodo.... Majority of Nigerians are just ignorant. Just look at this one now.

agarawu23:
How can one withdraw your money with BVN?

I have heard about "ghost transfers" that happens mostly in the midnight but I don't know how they can wipe your money with "only" your bvn

Those transfers happen after the owner of the account has given out his card and otp details. BVN was not involved then. Of course, most of them would not admit that they compromised their information by themselves, so they make it seem it happened mysteriously. Usually, it starts with a fake text message from your bank to update your details.

To steal money from an account, you need the atm details and a one time password.

if i give u my bvn what do u want to use it for be writing without research
future kini smh young people acting like old people.

why don't you render more help by at least mentioning some of these fakers you have already identified so that people will at least have an idea of whom to avoid?

Learning seriously....

Emyo:
Money can not be withdrawn from you account using BVN.

help me tell them..YOUR PIN GOTTEN FROM YOUR REGISTERD MOBILE PHONE NUMBER WITH YOUR BANK IS THE ONLY WAY YOUR MONEY CAN BE WITHDRAWN EVEN TO MAKE IT MORE ENCRYPTED WHEN TRYING TO MAKE A WITHDRAWAL FROM A NEW DEVICE YOUR BANK WILL HAVE TO SEND AN OTP WHICH WILL BE SENT TO YOUR REGISTERD MAIL OR NUMBER B4 ENTERING YOUR PIN. SO GUYS BVN CAN NEVER BE USED IF THE PERSON HAVE NT SUCCESFULLY HACKED YOUR MAIL/PHONE. THOUGH GRANTING THE APPS PERMISSION TO READ YOUR MSGES IS ALSO A RISK. SO IF YOU ARE NO LONGER INTERESTED IN THEM JUST UNINSTALL SO AS TO REVOKE ACCESS TO READING YOUR MSGS AND LOGS THEN UPDATE YOUR PROFILE TO A WRONG INFO OR YOU CAN RESTORE RESTORE FACTORY SETTINGS TO REVOKE THEIR ACCESS TO YOUR MESSAGE WALL(THAT IS THE MAIN KEY THEY HAVE AGAINST YOU). CUZ IF YOU FAIL TO PAY THEY WILL INITIATE THE TRANSACTION ON YOUR BEHALF AND AN OTP WILL BE SENT WHICH THEY WILL READ AND MAKE THE DEBIT THAT IS HOW IT WKS.

Moneyfem:
If you've already given them your BVN, just accept your fate. But just know that once you start having big money in your bank account, you may just receive a debit alert which I term 'ghost transfer.'

Stop spreading misinformation. Any company selling financial products to the public is regulated and held to a very high standard of practice. Please, research your assertions more to dispel this limiting and fear-mongering mindset of yours.

KOPT33:


Not True. Money transmission license is one of the most controlled licenses in Nigeria. BVN is also a national security asset and before anyone receives such a license, they will literally pass through the eye of the needle.

The Federal government is introducing solutions such as quick access to loans in order to create more wealth in the society.


If you have need for a loan and you can pay back, please go ahead and take a facility.

I couldn't agree more to the bold. However, Nigerians need to think and deal smart. Not every loan service company with an app should be patronised. Some of them are run by bank insiders with an intent to use your details later to defraud you.

Be careful is in order!

Why is it that all of the loan app admins are at peace and don't hesitate to give you the small loan once they have your BVN? Below are some of the reasons:

1. Most or all of the administrators are either bankers or ex-bankers. Majority of them are even bank IT specialists. They know your BVN is central to all bank accounts you have. With your BVN, they can access all your data plus your card details. Do you think banks don't have copies of your details? Be deceiving yourself there. There are many unscrupulous and fraudulent elements in the banking industry who are there to use the information they have against people.

2. They know they will one day get back their money provided you don't pay back at the stipulated time. They know once you have the money in another bank account you didn't register with them, they will scoop the money out from your very own bank account without even notifying you. How do you think they do that? Let me stop here for now. I will give other facts and figures later. Just be careful! Thank you.

Do your research well and give an instant..

Koolking:


I couldn't agree more to the bold. However, Nigerians need to think and deal smart. Not every loan service company with an app should be patronised. Some of them are run by bank insiders with an intent to use your details later to defraud you.

Be careful is in order!

Yes, anything involving ID and money must be carefully thought out. The banking industry is highly regulated. No one officer is going to tamper with inflow/outflow ledgers, it will be detected in a matter because every action on the system leaves metadata.

People can be scammed, but BVNwill not be a major component of that scam. BVN database can be accessed by even people with the lowest security clearing in many financial organisations.

JeffreyJames:
The CEO of Owofem is an Olodo. Your BVN is for verifying your identity only. Your account cannot be accessed from your BVN alone.

You are absolutely right. No one can move your cash by only knowing your BVN . This is what many of us don't know.

They need other information about you to do that, like details of your ATM card and even if they have that as well they need the otp number sent to your phone number to complete the transaction.

When you are so broke and there's no one to help, the lender apps are the only solution. If its so urgent.

The advice I have for ppl is always block your Atm Card after use. There is a way to do that on your banking app. Go to the Menu of your banking app. I don't know of other Banks but ACCESS BANK app has it. You can block and unblock hundred times a day. Its your account of course.

What this 419 guys do is they have an agent at the network providers office ( glo, mtn, etc) Once they have your ATM card info. when the Otp is requested to complete the transaction, it is sent to your phone number, it is the network provider agent that gives them the otp, they know it through their computer. once they have it, your money is moved. But if you have blocked your card though they have your details and even the otp, it is impossible to move your cash.

I leave my ATM card open only when I get to the ATM machine and once I receive money its blocked again till next time. Even if its in the next six months. I have had the occasions where I have forgotten that its blocked and I wanted to use the card and I keep getting error code. Until I unblock it again.

If you use Access App, go to menu you will see Cards and Cheques click on it then click on Cards and then click on Manage card. Then block or unblock with your App password.

No Devil can unblock or syphon your cash.

So be safe guys Block your card always.

Moneyfem:
Why is it that all of the loan app admins are at peace and don't hesitate to give you the small loan once they have your BVN? Below are some of the reasons:

1. Most or all of the administrators are either bankers or ex-bankers. Majority of them are even bank IT specialists. They know your BVN is central to all bank accounts you have. With your BVN, they can access all your data plus your card details. Do you think banks don't have copies of your details? Be deceiving yourself there. There are many unscrupulous and fraudulent elements in the banking industry who are there to use the information they have against people.

2. They know they will one day get back their money provided you don't pay back at the stipulated time. They know once you have the money in another bank account you didn't register with them, they will scoop the money out from your very own bank account without even notifying you. How do you think they do that? Let me stop here for now. I will give other facts and figures later. Just be careful! Thank you.

You're still misinforming people. BVN is just an identificatory object, it cannot be used to authorize a withdrawal from your bank account.

Furthermore, your advise seems to be for people who will not pay back, or have no business taking loans in the first place. I believe one of the most important factors one should consider before taking a loan is ability to pay back.

If you default on a loan, only a judge can order garnishment of your wages. If the bank touches any money in your account without authorization from you or from a competent jurisdiction, they will be fined heavily. Banks will not lose regulatory credence just because they want to gain a few miserable thousands.

Please, stop this misinformation. What facts and figures do you have? The ones you pulled from the air obviously.

Pay later is better than any of the Nigerian banks,they cannot never tamper with your information

Who your BVN epp?

What does it profit a man without money in his account yet kept his BVN to himself?

Moneyfem:
Why is it that all of the loan app admins are at peace and don't hesitate to give you the small loan once they have your BVN? Below are some of the reasons:

2. They know they will one day get back their money provided you don't pay back at the stipulated time. They know once you have the money in another bank account you didn't register with them, they will scoop the money out from your very own bank account without even notifying you. How do you think they do that? Let me stop here for now. I will give other facts and figures later. Just be careful! Thank you.

Your number two idea is pure crap. I have a personal experience. A friend took a loan from paylater through is sterling bank account and defaulted since then he has stop using the sterling bank account "I mean no debit or withdrawal" its other secondary account in diamond bank which has the same BVN has money in it. in fact, that's the account he is using to do is daily transaction now. Why didn't paylater initiated a transfer/debit from its Diamond bank account since the sterling bank and diamond banks Carry's the same BVN and belongs to one person?

Access Bank will not give you access to debit their customer because of a loan default in UBA. Banks are there to protect their customer. mobile app lender can only initiate a withdrawal through the bank card details you supply them so stop saying what you don't know too well.

Emyo:
Money can not be withdrawn from you account using BVN.

They have your acct number and name also.

JeffreyJames:


Olodo.... Majority of Nigerians are just ignorant. Just look at this one now.

i dey tell you.

the huge number of idiots in this country is simply amazing

moneysense777:
Who your BVN epp?

What does it profit a man without money in his account yet kept his BVN to himself?

I wonder o!

bot101:
BVN cannot be used to withdraw money from your account ooo!!! Stop spreading stupid rumours and hampering the growth of fintech in Nigeria. BVN can be used to get your banking information (account number, name, e.t.c, e.t.c) and this can be used to launch a social engineering hack on you. A bit of intelligence and a lot less greed will help you stay safe.

Clarify your statement here. Are you for or against?

You should have carried out a proper research before posting, mr op...
#TeamBranch
#TeamKwikcash
#TeamPaylater

gifted4luvinluv:
You should have carried out a proper research before posting, mr op...
#TeamBranch
#TeamKwikcash
#TeamPaylater

Bro i owe kwikcash oo..hope am still safe