The Central Bank of Nigeria (CBN) has said it is working on a policy that will ensure that bank customers involved in electronic fraud are either blacklisted or placed on close surveillance.
The bank’s Director, Banking and Payment System, Mr. ‘Dipo Fatokun, said this at the October edition of the Nigeria e-Fraud Fraud Forum (NeFF) held in Lagos at the weekend.
Fatokun, who is the chairman of NeFF, said the Bank Verification Number (BVN) would also be used in identifying fraudsters in the industry.
“We are currently working on a framework using the BVN to eliminate fraudsters. One common thing about electronic fraud is that when money is moved from an account, it is moved into another bank account. So, identifying the owner of that fraudulent account using the BVN, we would not only be able to identify him or her in the bank in which he has moved the money to, we would also identify him in all the banks where he has accounts and when legal impediments are overcome, such people could be blacklisted or watchlisted in the banking system.
