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EFFECT OF BANK VERIFICATION NUMBER ON FRAUD MANAGEMENT OF SELECTED COMMERCIAL BANKS IN EBONYI STATE, NIGERIA
Abstract
This study examined the effect of bank verification number (BVN) on fraud management of selected commercial banks in Ebonyi state. The study highlighted on the effectiveness of BVN in curbing identity theft and ensuring safety of depositors’ fund in the selected banks. The study adopted a survey research design and Primary data for this study were obtained through questionnaires, which were administered to 50 management staff of the eight (8) selected banks. However, out of the 50 copies of the questionnaires that were distributed, 35 copies were returned and used for the analysis while 15 copies were both invalid and not returned. The data obtained were descriptively analysed using tables, percentages and mean. The hypothesis was tested using simple linear regression. The findings indicates that BVN has a significant positive effect on reduction of identity theft and safety of depositors’ fund (r = 0.136; t =6.491; p = 0.000< 0.05). The study concludes thatthe adoption of biometric system through BVN scheme has significant effect on fraud management of the studied commercial banks. It also recommends that biometric system should be extended to banking operations like internet banking, mobile banking, ATM banking and Point of Sales (POS) due to its effectiveness in reducing fraud in Nigerian banking sector.
Keywords: Bank Verification Number, Biometric, Fraud
Management, Identity Theft, Depositors Fund