BANK VERIFICATION NUMBER (BVN) AND FRAUD MANAGEMENT CASES IN THE NIGERIAN BANKING SECTOR
Abstract
The study looks into how Nigerian fraud management is affected by Bank Verification Numbers (BVN). 152 respondents were chosen for the survey research design using the Taro Yamane sampling procedure. To gather information, a standardized questionnaire was given out. The findings demonstrated how much better fraud detection and prevention are made in the Nigerian banking industry by BVN. The report suggests streamlining fraud identification and disclosure processes by adding security control mechanisms to the BVN system. In order to regularly assess and monitor BVN-related concerns in the banking system, the Central Bank of Nigeria should also put mechanisms like regular system audits and a control and monitoring committee into place. According to the research, BVN security measures can aid in reducing fraud in Nigeria's banking industry