o doubt, more than any other time, cybercrime is on the increase in not just Nigeria, but across the globe.
This has made it expedient to be very cautious when carrying out financial transactions online. One must be very careful in managing personal banking details.
To be sure not to fall prey of cyber criminals, who are always on the lookout for their next victims, here are six banking details never to disclose to anyone else:
On the front face of your Automated Teller Machine (ATM) card is a 16 digits code. This 16 digits code is known as Permanent Account Number (PAN). The first 6 digits are the Bank Identification Number and the rest 10 digits are a Unique Account Number of the card holder. With your PAN on the wrong hands along with other details on the ATM card, cyber criminals can clean your bank account.
BVN stands for Bank Verification Number. It is a biometric identification system implemented by the Central Bank of Nigeria (CBN) to curb or reduce illegal banking transactions in Nigeria. Once a fraudster gets hold of your BVN, they have obtained almost full information on a potential victim. They now have access to your name as it appears on your bank account, your mother’s maiden name, date of birth and the phone number linked to your account number. With these details, cyber criminals can easily manipulate you to clean up your bank account. BVN scams have even gotten sophisticated with the aid of insiders in banks these days.
PIN is known as Personal Identification Number. It is a numeric passcode used in the process of authenticating a user accessing a system. Every ATM card comes with a PIN. Your ATM card and ATM card PIN in the hands of the wrong person, spells calamity.
CVV stands for Card Verification Value. It is usually printed on the back or front of ATM cards. This number is vital for completing online transactions and should never be shared with anyone. Scammers often send phishing emails to victims or call victims tricking them to reveal their ATM card details, including the CVV code and card expiry date. Fraudsters can conveniently wipe out money from your bank accounts by using the details to engage in online transactions.
OTP is known as One-Time Password. It is a temporary, secure PIN-code sent to you via SMS or e-mail that is valid only for one transaction. A common OTP scam involves the scammer calling an individual pretending to be from banks or other trusted organisations and requesting an OTP that is just sent to their phones. This is usually after initiating a transaction using the banking details of the potential victim. Once the fraudster gets this access to your account, a deduction occurs. It is usually the final stage before your account is debited.
If you use a mobile banking app, there is the likelihood that the app is password protected. Mobile banking app users have been targeted by phishing scam messages which aim to trick them into giving up their login details. If your mobile banking app details get into the wrong hands, they can clean up your account.
You are the first and best layer of defense in combating online fraud. Learning to properly detect and avoid online scams is the ultimate protection against fraud.