I was thinking of another case like I have done in the other series of my Conspiracy theories. This time, I take a look at GTBank's mobile banking (as a case study) and the risk in using some of it.
1. You type *737*... and you can load your phone or the phone of a friend; You use *737*1*... and you can transfer money to another GT Bank account; and You use *737*2*... and you can send money to an account outside GT Bank.
2. All these processes require a PIN. This PIN is taken from the last 4 digits of your Mastercard (and this is where I find the problem)
2. All these processes require a PIN. This PIN is taken from the last 4 digits of your Mastercard (and this is where I find the problem)
CASE 1 (RISKY):
You lose your phone and your Mastercard in the same bag to a specific thief. He goes through your phone SMS and sees you have a GT Bank account. The last 4 digits of the Mastercard are visible. With the phone, he makes transfer "Recharge cards" or some "cash transfer". This is does before you could effectively report and have the card blocked. The phone connected to your account is in his hands. You can't send any block code from that phone unless you own a gun.
You lose your phone and your Mastercard in the same bag to a specific thief. He goes through your phone SMS and sees you have a GT Bank account. The last 4 digits of the Mastercard are visible. With the phone, he makes transfer "Recharge cards" or some "cash transfer". This is does before you could effectively report and have the card blocked. The phone connected to your account is in his hands. You can't send any block code from that phone unless you own a gun.
CASE 2 (SAFER:
GT BANK request for an unknown PIN that is not available anywhere else (It could be the ATM Card PIN or a special TRANSFER PIN). If you lose the card, you do not have to fear much because the thief might not have the actual ATM PIN and TRANSFER PIN to use. So he is simply stuck in a way. That extra layer of security is missing. A thief can take the money off the account he just transferred it to and varnish. I do know that such transfers have limit. But whatever the limits, banking should be super secured.
GT BANK request for an unknown PIN that is not available anywhere else (It could be the ATM Card PIN or a special TRANSFER PIN). If you lose the card, you do not have to fear much because the thief might not have the actual ATM PIN and TRANSFER PIN to use. So he is simply stuck in a way. That extra layer of security is missing. A thief can take the money off the account he just transferred it to and varnish. I do know that such transfers have limit. But whatever the limits, banking should be super secured.
YOUR TAKE:
As usual, I shall now let you talk about this if I got something wrong or you think the process is secured enough. I get a few people would say, never put your phone and Card in the same place. Yeah right, a friend might have already copied your Mastercard numbers waiting for another strange fellow to lay hands on your phone. Then a 3rd and unconnected person does the transfer in seconds. It is needful to let you know also that these features seem to be activated by default.
As usual, I shall now let you talk about this if I got something wrong or you think the process is secured enough. I get a few people would say, never put your phone and Card in the same place. Yeah right, a friend might have already copied your Mastercard numbers waiting for another strange fellow to lay hands on your phone. Then a 3rd and unconnected person does the transfer in seconds. It is needful to let you know also that these features seem to be activated by default.
THE TAGS:
Over to you. Please tag any GT Bank Banker with info for us or any banker that could give better explanations on how they secure these processes.
Over to you. Please tag any GT Bank Banker with info for us or any banker that could give better explanations on how they secure these processes.
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