Introducing verification of individual social media accounts with a connection to bank accounts can indeed have several benefits in reducing internet fraud, such as the activities commonly associated with Yahoo Yahoo boys. Here are several reasons and explanations for implementing such a system:

Enhanced Accountability: Verifying social media accounts with bank accounts adds an additional layer of accountability. By connecting their online presence to their financial identity, individuals are less likely to engage in fraudulent activities as they can be easily traced back to their real-world identities.

Deterrent for Fraudsters: Requiring verification of social media accounts with bank accounts acts as a deterrent for potential fraudsters. The knowledge that their online activities can be directly linked to their personal finances may discourage them from participating in fraudulent schemes.

Digital Footprint Tracking: Connecting social media accounts to bank accounts enables authorities to track an individual's digital footprint more effectively. This can help identify suspicious patterns of behavior, such as sudden increases in wealth or financial transactions linked to illicit activities.

Improved Investigations: Verification of social media accounts with bank accounts provides law enforcement agencies with valuable information when conducting investigations. It enables them to establish a clear connection between an individual's online activities and their financial transactions, making it easier to build a case against fraudsters.

Reducing Impersonation: Verifying social media accounts with bank accounts helps to reduce impersonation cases. It adds an additional barrier for individuals attempting to create fake accounts or pretend to be someone they are not, as they would need to provide valid bank account information.

Protecting Online Users: Implementing a verification system helps protect the general online population. By reducing the number of fraudulent accounts and limiting the ability of fraudsters to operate anonymously, individuals are less likely to fall victim to scams or other malicious activities.

Strengthening Trust: Verification of social media accounts with bank accounts can enhance trust within the online community. Users will have more confidence in engaging with verified individuals, knowing that their identities and financial information have been validated.

Safeguarding Financial Institutions: Requiring verification can also protect financial institutions from potential liability. By establishing a clear connection between social media accounts and bank accounts, institutions can mitigate the risk of unwittingly facilitating fraudulent transactions.

Minimizing Money Laundering: Verification of social media accounts with bank accounts can contribute to the fight against money laundering. It becomes more difficult for criminals to obscure the origin of funds when their social media activities are linked to their bank accounts, making it easier for financial institutions to identify suspicious transactions.

Promoting Responsible Online Behavior: Requiring verification encourages responsible behavior in online interactions. Users are more likely to think twice before engaging in fraudulent activities or spreading false information if they know their actions can be directly linked to their real-world identity and financial accounts.

It's worth noting that implementing such a system would require careful consideration of privacy concerns, data security, and potential challenges associated with implementing and maintaining the verification process effectively.

Least I forget
Verifying Social Media and Bank Accounts Reveal True Identities, Farewell to Fancy Names"

the introduction of verification processes linking social media and bank accounts can impact the use of pseudonyms or fancy names, particularly among female users. It emphasizes that the verification system necessitates the use of real names, leaving behind the era of online anonymity. By connecting individuals' true identities to their online presence, the verification process enhances accountability and helps reduce fraudulent activities associated with fake personas or impersonation

It's nonsense...

It's will only work if the social media comps agree to work with them...

We all know they won't agree...

Individuals can have many accounts, so of what need is this policy...

Waste of time. U dnt expect a CRIMINAL to tell you his social media handle. What has /achievements of BVN, NIN and others useless thing they suffered Nigerians to registered for

Is it all Nigerians that have social media handle?

Yahoo boys wey get plenty social media accounts, hw e go take work?

I have no social media a/c tied to the real me. So how will this work with me?? Total waste of time

Useless policy. They couldn't control financial recklessness using BVN and NIN is it social media they will use to achieve that?
Moreso, this is intrusion into one's privacy. This country is not yet ready to reduce the sufferings of her citizens

When boys are running international like taxrefund nd loading, how e go stop am ,unless na local de person The run

Our people will still find a way to beat the system and render it useless.

Some guys in charge of this will be designing an avenue to sabotage it and make money from it.