Identity can be defined as the group of qualities and attributes that make one person unique from others. As a measurable and recordable set of features, identity is also comprehended in terms of the range of those measurable metrics so it can be saved on a system as a digital ID. Like all digital data, ID verification online is also a must to confirm ID to ensure the fraud-free operation and prove the person is who they claim to be.

As per the news reports published MTN’s Mobile Money Bank suffers N22B Fraud, Drags 18 Banks to court for recovery The newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) a banking subsidiary of MTN Communications Limited has in less than a month operation suffered a massive fraud worth over N22 billion on its network. The suspicious transfers were due to the fact that the MoMo PSB suffered system exploitation which led to the said debits.