By Ndiana Asuquo
In today’s digital world, storing sensitive personal data like National Identification Number (NIN), Bank Verification Number (BVN), and account numbers on mobile phones has become common practice. However, cybercriminals are constantly developing new techniques to steal this data and compromise users’ financial accounts.
If your phone contains personal banking details, you could be at risk of identity theft, financial fraud, and unauthorized transactions. This article explores five major ways hackers use stolen sensitive data and how you can protect yourself from cyber threats.
1. SIM Swap Fraud
How it Works:
Hackers often target victims’ phone numbers using stolen NIN or BVN details. They convince mobile network providers to issue a new SIM card linked to the victim’s phone number. Once they gain control of the SIM, they:
- Receive OTPs (One-Time Passwords) sent to the phone for banking transactions.
- Reset passwords for mobile banking apps and email accounts.
- Perform unauthorized withdrawals and transfers from linked bank accounts.
How to Protect Yourself:
- Never share your NIN, BVN, or phone number with unknown persons.
- Activate SIM lock protection to prevent unauthorized SIM swaps.
- Contact your mobile service provider immediately if your network signal disappears suddenly.
2. Phishing Attacks and Fake Banking Apps
How it Works:
Hackers create fake banking websites and mobile apps that look exactly like real ones. They trick victims into entering their BVN, account numbers, or passwords, stealing their data. Cybercriminals use this information to:
- Access real banking platforms using stolen credentials.
- Generate fraudulent OTPs for unauthorized transfers.
- Manipulate customer service calls using stolen BVN and NIN to reset login details.
How to Protect Yourself:
- Download banking apps only from official sources (Google Play Store, Apple App Store).
- Avoid clicking suspicious links sent via SMS, email, or social media.
- Check website URLs carefully before logging into online banking portals.
3. Malware and Spyware Attacks
How it Works:
Hackers often use malicious software (malware) or spyware hidden in apps, files, or links. Once installed, these programs:
- Secretly record keystrokes, capturing BVN, NIN, passwords, and banking details.
- Monitor banking app activities and send data to hackers.
- Gain remote access to the phone, allowing them to perform transactions.
How to Protect Yourself:
- Avoid downloading apps from unverified sources.
- Install antivirus software and scan your phone regularly.
- Update your phone software regularly to patch security loopholes.
4. Social Engineering and Impersonation
How it Works:
Cybercriminals use stolen BVN, NIN, and account numbers to impersonate victims. They often:
- Call banks, claiming to be account holders, and request password resets.
- Pretend to be customer care agents, asking for further personal details.
- Send fraudulent emails or SMS to trick victims into providing OTPs.
How to Protect Yourself:
- Never share your BVN, NIN, or OTPs with anyone—even if they claim to be from your bank.
- Verify customer service numbers before calling.
- Enable two-factor authentication (2FA) for added security.
5. Unsecured Public Wi-Fi and Bluetooth Exploits
How it Works:
Hackers can intercept data when users connect to unsecured public Wi-Fi networks. If your phone has sensitive information stored, cybercriminals may:
- Steal login credentials when you access banking apps over unsecured networks.
- Deploy hacking tools to extract stored data from your phone.
- Gain access to your device via Bluetooth if it is not secured.
How to Protect Yourself:
- Avoid accessing banking apps or financial accounts over public Wi-Fi.
- Always turn off Bluetooth and Wi-Fi when not in use.
- Use a VPN (Virtual Private Network) for secure online transactions.
Final Thoughts
Hackers constantly evolve their tactics to steal sensitive user data stored on phones. By understanding these threats and taking proactive steps, you can protect your finances and personal identity.
Quick Security Checklist:
✔ Never store sensitive details like BVN and NIN in text messages or notes.
✔ Use strong passwords and two-factor authentication for banking apps.
✔ Regularly monitor bank statements for unauthorized transactions.
✔ Avoid clicking on suspicious links or downloading unknown apps.
✔ Report suspected fraud cases to your bank immediately.
By staying vigilant and following cybersecurity best practices, you can safeguard your personal information and prevent unauthorized transactions by hackers.
