With the advent of mobile banking and now use of USSD codes, transferring money from one bank account to the other has become very easy and convenient.

But now, there is a disadvantage as criminals have now devised a means to steal from people using the USSD code method.

An Instagram user who fell victim recently narrated his ordeal, explaining his surprise at how his money disappeared from his account when they only stole his phone.

He wrote:

Just a week ago, I boarded a bus at Obanikoro heading for Costain/Orile, highlighted at Ojuelegba, on getting past the traffic light, I became conscious of the fact that my phone was missing. I dialed my number and it kept ringing & ringing till it was switched off. I kept faith and was hoping for a possible reunion but that was the biggest mistake of my life.

Later in the day I dialed my number and it rang, I was glad thinking the fellow had removed my sim from my phone and inserted it into another phone just to get to me but after 3 trials without picking, switched off was all I heard (my android phone is passworded, so its either my phone was formatted or sim inserted into another phone that made the ringing possible after it was switched off prior to this time, I should have known). Then I became worried but still kept faith, stupidest mistake.
While in a bus heading home, I decided to use the phone of the passenger who was right next to me so as to tell my parents I’m phoneless cos they’d be worried for sure, only for me to be told he faced similar situation & had his account emptied using his number, then it dawned on me that they could have been transacting at the time my phone was ringing that evening.

I got home & ran to the nearest ATM machine, on seeing my balance my face dropped, they had emptied my account. Didn’t know when I bursted into tears, seeing yourself loose money you worked hard for to a total stranger is not what I will wish even an enemy. I wept at that ATM stand for almost 20mins till I was able to gather strength home, I thank God for taking me home cos I still don’t get how I crossed that Ikorodu Expressway seeing 2 oncoming heavily loaded tankers barefooted.

I’m not afraid of starting all over but I’m just scared someone else might not take it as light as I did.

So I’m using this medium to bring everyone to alertness. Be conscious of your phone!!! How they did the transaction I have no single idea and if you are using @gtbank you sure need to double up.

Probably if I’d read or was aware of such occurrences, would have just blocked my account & number immediately.

A follower of his commented, and revealed how they were able to empty his bank account using his mobile phone.


Source: http://www.hangingwithmay.com/exposed-new-method-used-by-criminals-to-steal-money-from-bank-accounts/

nothing new

Fraud fraud fraud!!!.....the repercussions, you wont like

The only suggestion I can give if the banks were also reading this news is simple. They should create a register password to block the account if such a situation happen to any customer, as it can happen by weekends. If it happen by weekend the victim may not have access to bank until Monday so all his money may be finished before getting to bank on Monday. Temporary blocking of account number through ATM or internet by creating a register password will certainly help.

Wait oo
How did the thieves got to know your pin, because I know there's always a pin for all GTB USSD transaction
is your ATM card stolen with the phone
I don't get it O.P

carzola:
With the advent of mobile banking and now use of USSD codes, transferring money from one bank account to the other has become very easy and convenient.

But now, there is a disadvantage as criminals have now devised a means to steal from people using the USSD code method.

An Instagram user who fell victim recently narrated his ordeal, explaining his surprise at how his money disappeared from his account when they only stole his phone.

He wrote:

Just a week ago, I boarded a bus at Obanikoro heading for Costain/Orile, highlighted at Ojuelegba, on getting past the traffic light, I became conscious of the fact that my phone was missing. I dialed my number and it kept ringing & ringing till it was switched off. I kept faith and was hoping for a possible reunion but that was the biggest mistake of my life.

Later in the day I dialed my number and it rang, I was glad thinking the fellow had removed my sim from my phone and inserted it into another phone just to get to me but after 3 trials without picking, switched off was all I heard (my android phone is passworded, so its either my phone was formatted or sim inserted into another phone that made the ringing possible after it was switched off prior to this time, I should have known). Then I became worried but still kept faith, stupidest mistake.
While in a bus heading home, I decided to use the phone of the passenger who was right next to me so as to tell my parents I’m phoneless cos they’d be worried for sure, only for me to be told he faced similar situation & had his account emptied using his number, then it dawned on me that they could have been transacting at the time my phone was ringing that evening.

I got home & ran to the nearest ATM machine, on seeing my balance my face dropped, they had emptied my account. Didn’t know when I bursted into tears, seeing yourself loose money you worked hard for to a total stranger is not what I will wish even an enemy. I wept at that ATM stand for almost 20mins till I was able to gather strength home, I thank God for taking me home cos I still don’t get how I crossed that Ikorodu Expressway seeing 2 oncoming heavily loaded tankers barefooted.

I’m not afraid of starting all over but I’m just scared someone else might not take it as light as I did.

So I’m using this medium to bring everyone to alertness. Be conscious of your phone!!! How they did the transaction I have no single idea and if you are using @gtbank you sure need to double up.

Probably if I’d read or was aware of such occurrences, would have just blocked my account & number immediately.

A follower of his commented, and revealed how they were able to empty his bank account using his mobile phone.


Source: http://www.hangingwithmay.com/exposed-new-method-used-by-criminals-to-steal-money-from-bank-accounts/

All the 3 Banks I use, if you want to transfer money to other accounts,it will ask for your ussd pin(Not ATM Pin). Unless you want to buy credit for your sim,it won't ask,but if you want to transfer credit to any simit will ask.
What I am saying is,this is a big lie. Though it's good trying to make people understand how they can prevent being scammed,but the transfer part is a lie. I challenge you to name your bank.
Me I use Gtb and Eco ussd well for both transfer and credit. You can't do transfer without pin.
And how did the thief know the bank you use

If at all the thief was able to empty your account, he must have made a transfer to another account t.
Make a report to your bank.

I use gtb and a hardware token is required to make substantial withdrawal.
Although I can't rule out what the op said.

Maybe the criminal guessed the ussd code correctly

With AccessBank, it's possible.
Transfers/ recharges requires BVN and with a stolen phone, you can request for the BVN, then use d code and authenticate the transfer.

It's impossible cos they won't know your PIN. If they try wrong PIN thrice service is disabled. The security embedded in it is what you have (SIM/atm) and what you know (PIN). Did you give them your PIN?

If they attempt to reset your PIN, they'll meet 'brick wall' as ATM is needed to do that.

Maximum one can transfer us day is set per bank: most banks set 100k. How many days did they use to empty your account?

Transfer can't be done offshore using it so it will definitely go to an account in Nigeria. Should you be scammed out of your carelessness, recipient can be traced with the help of law enforcement agenc(ies)y.

Stop scaring people from doing e-banking.

If this is true, then much thought wasn't given to developing the procedure by them. Very poor.

toastedbread:
With AccessBank, it's possible.
Transfers/ recharges requires BVN and with a stolen phone, you can request for the BVN, then use d code and authenticate the transfer.

mank1234:
If this is true, then much thought wasn't given to developing the procedure by them. Very poor.

if true? I've got a lot to protect therefore I cannot mislead the public. I still want you to verify independently.
You're correct. The procedure never took into consideration what we have now. I believe the programmers will be looking into it.

Nigeria new invention

This is true. It just happened to me. GTB system for this service is porous and has no security. I am waiting for them to tell me it is my fault for a service i never subscribe to.

Why not include the name of the bank in this long epistle? Bloggers and fake news everywhere.

FreddyKruger:
Why not include the name of the bank in this long epistle? Bloggers and fake news everywhere.

The bank in my case is GTBank.

If you have money in GTBank. Please take this warning. I never believed it until it happened to me today. GTB 737 service is very porous. 

You don't have to subscribe to be defrauded on this service. The thief just need your phone number registered with GTBank and last 4 digits of your ATM card. Now this two information are available to GTBank staff. All the staff need is to have a contact in the telecom operator of your line. His contact in the telecom operator can dial the 747 on your line as if the code is dialed from your phone. Then the transaction is completed.

This is what I think happened in my case as my phone was even switch off when it happened.

The blame goes to GTB for only having only such porous and 1 level security on this service. In fact , there is no security because the last four digital of your ATM card will always show on the POS or ATM receipt. Using that as a security is unthinkable. 

What happened to pin set by the account owner, passwords, security questions, token, TOP as it is done for GTB online banking. Whu cant GTB put all these security on this service. Why leave this 737 with no security.

.

mank1234:
It's impossible cos they won't know your PIN. If they try wrong PIN thrice service is disabled. The security embedded in it is what you have (SIM/atm) and what you know (PIN). Did you give them your PIN?

If they attempt to reset your PIN, they'll meet 'brick wall' as ATM is needed to do that.

Maximum one can transfer us day is set per bank: most banks set 100k. How many days did they use to empty your account?

Transfer can't be done offshore using it so it will definitely go to an account in Nigeria. Should you be scammed out of your carelessness, recipient can be traced with the help of law enforcement agenc(ies)y.
L
Stop scaring people from doing e-banking.

I'm sorry for you, so you want to wait until it happens to you too? Sincerely it has happened to a close friend and can happen to anybody. Period.

One of the solution we came up with going forward is to activate SIM locking feature. After this you would need your SIM certificate (PUK) every time you're doing the USSD codes. The stress might be worth it in the long-run.