ISSN 2394-5125
 

Review Article 


An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim.

Abstract
The study empirically examined the efficacy of Bank Verification Number (BVN) in reducing fraud
in terms of identity theft, fictitious accounts and disclosure of fraudulent transactions in the Nigerian banking
system. Survey research design was adopted and data elicited with a 5-point Likert Scale structured
questionnaire. Taro Yamane sampling technique was used to draw a sample of 154 respondents across top 10
deposit money banks based on the Central Bank of Nigeria(CBN) classification of banks in 2017. With the aid
of SPSS statistical software, data analysis involved simple frequency, correlation matrix as well as Ordinary
Least Square multiple regression technique. Results indicated a statistically significant positive effect of BVN
on identity theft and disclosure of fraudulent transactions, but a significant negative effect on fictitious accounts
in the Nigerian banking system. Based on the findings, we concluded that BVN is useful in detecting,
preventing and reducing fraud, but it is not fraud-proof. It was therefore recommended among other things, that
the CBN should maintain and modify the existing BVN software to enhance its capacity in fraud detection,
prevention and reduction in the Nigerian banking system.

Key words: Bank Verification Number, Fraudulent Transactions, Accounts


 
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How to Cite this Article
Pubmed Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. JCR. 2020; 7(17): 585-593. doi:10.31838/jcr.07.17.81


Web Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. http://www.jcreview.com/?mno=20308 [Access: August 18, 2021]. doi:10.31838/jcr.07.17.81


AMA (American Medical Association) Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. JCR. 2020; 7(17): 585-593. doi:10.31838/jcr.07.17.81



Vancouver/ICMJE Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. JCR. (2020), [cited August 18, 2021]; 7(17): 585-593. doi:10.31838/jcr.07.17.81



Harvard Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim (2020) An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. JCR, 7 (17), 585-593. doi:10.31838/jcr.07.17.81



Turabian Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. 2020. An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. Journal of Critical Reviews, 7 (17), 585-593. doi:10.31838/jcr.07.17.81



Chicago Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. "An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System." Journal of Critical Reviews 7 (2020), 585-593. doi:10.31838/jcr.07.17.81



MLA (The Modern Language Association) Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim. "An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System." Journal of Critical Reviews 7.17 (2020), 585-593. Print. doi:10.31838/jcr.07.17.81



APA (American Psychological Association) Style

Atseye Fidelis Anake, Alphonsus K. Kankpang, Oyelami Olufemi Augustine, Peter A. Oti, Edim N. Obim (2020) An Assessment of the Role of Bank Verification Number in Reducing Fraud in Nigerian Banking System. Journal of Critical Reviews, 7 (17), 585-593. doi:10.31838/jcr.07.17.81