How Fraudsters ‘G Boys’ Exploited BVN System to Steal N329 Million from Banks.
A recent report has revealed how a group of fraudsters, popularly known as “G Boys” or “Yahoo Boys,” stole N329 million from Nigerian banks using fake photos and fraudulent Bank Verification Number (BVN) registrations.
According to the Nigeria Inter-Bank Settlement System (NIBSS), the scheme was uncovered following a thorough investigation and audit of several BVNs. The detailed report exposes the methods used by these criminals and outlines the measures being taken to bring them to justice.
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The report highlights the growing trend of fraud in Nigeria’s financial sector and the steps being taken to combat it. It took authorities a significant amount of time to detect this sophisticated fraudulent activity, which involved the use of fake photos to register BVNs.
In a recent statement, NIBSS disclosed that the fraudsters used static images of Nigerians and Asians to register BVNs. These fake BVNs were then used to open accounts with microfinance banks, mobile money operators, and payment service banks. The accounts were subsequently used to receive and launder proceeds from their fraudulent activities, totaling N329 million.
The investigation revealed that some BVN enrollment agents were complicit in the scheme, aiding fraudsters and even foreigners to register BVNs using Nigerian names. These fraudulent BVNs made it difficult for banks to detect the illegal activities initially.
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However, some of the fake BVNs have now been identified and deleted. The agents involved in these illegal registrations have been reported to security agencies for arrest and prosecution.
To prevent further incidents, the Central Bank of Nigeria (CBN) has directed banks and financial institutions to report any fraudulent BVNs to NIBSS within 24 hours of detection. The CBN is also working tirelessly to strengthen the BVN system and curb fraudulent activities in the financial sector.
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