Identity in the financial system.
WHAT THE BANK VERIFICATION SYSTEM IS
A biometric identity scheme linking a person to their bank accounts.
WHY IT EXISTS
To reduce fraud and establish a single identity across banks.
WHAT IT PROVIDES
One identifier across every account you hold Verification for transactions A route to recover accounts
WHAT ENROLMENT INVOLVES
Attending a bank branch for biometric capture.
WHAT TO DO IF YOU HAVE SEVERAL
You should not; each person has one.
WHAT TO DO IF DUPLICATES EXIST
Resolve through the bank, which is a defined process.
WHAT TO CHECK
That your details are consistent across banks.
WHY
Mismatches cause transaction failures and account restrictions.
WHAT COMMONLY DIFFERS
Name order Middle names Date of birth
WHAT TO DO
Standardise across every institution.
WHAT IT IS USED FOR BEYOND BANKING
Verification by various services Government payments Some regulatory processes
WHAT TO NEVER DO
Share the number casually Provide it in response to unsolicited contact
WHY
It is used in fraud attempts, frequently combined with social engineering.
WHAT LEGITIMATE INSTITUTIONS DO NOT DO
Call and ask you to confirm it, or to provide codes.
WHAT TO DO ON SUCH CONTACT
End the call, and contact the institution directly.
