So, I received the message from GTBank that I can transfer money directly from my phone by dialling a couple of code. NO INTERNET NEEDED. Weeks before, I was told by the customer service inside the bank that by dialing a couple of code, I can recharge my number or any other number by dialing this code.

All you have to do is use the phone number you get bank alert on to dial *737*amount# to recharge the same line OR *737*amount*phoneNumber# to recharge any other line.

These methods seem fast and easy. In actual fact, they are easy. This might be their thought too but little did they know about the dangers associated with these.
The Risk us way bigger than the advantage. WAY BIGGER!

Here is a major loophole though:

Anybody can transfer your money once they have your number. Changing sim card is not an uncommon style of living in Nigeria (We change number for various reasons). Not to divert though, once a stranger gets the sim card you registered with, you're done for.

MY EXPERIENCE WITH THAT:
I was debited 30,000 naira few weeks after GTBank introduced the mobile recharge. I went to the bank to complain but all they could say was that that money is gone.

I was forced to ask, "why did I buy a GTBank token for 2250 naira with the intention of getting additional security when someone somewhere can transact with my line without knowing even my password or the last 3digits on my debit card?

That is a no no for me.

Guys, what is your take on this.

Do you think this is an awesome service?
Do you think this is the next thing to do by our dear GTBank when there are other issues that can be solved?
Do you think banks should follow this trend?

Can you share your experience with this service?

Thank God I am not using it

kingabdull:
Thank God I am not using it

Just make sure you keep your line safe ooo. It's a very unsecured service

This is a very good observation.
Though it is a good development but Gtbank should modify the code by inclusing the credit card PIN eg *737*amt*PIN*acct/phone number# because my money is not save in Gtbank with this code since anybody can use my phone to transfer my money to any other acct or phone number.

Gtbank shouid do something ASAP or else.....

freecharles:


Just make sure you keep your line safe ooo. It's a very unsecured service

Noted thank you

lafex:
This is a very good observation.
Though it is a good development but Gtbank should modify the code by inclusing the credit card PIN eg *737*amt*PIN*acct/phone number# because my money is not save in Gtbank with this code since anybody can use my phone to transfer my money to any other acct or phone number.

Gtbank shouid do something ASAP or else.....

You have spoken. Good suggestion.

I also saw that coming....they taught they are innovative not knowing they are risking the hard earned money of there depositors. I don't know who approved the service for them..CBN? I doubt.

plz move this to front page so that people will know that they are really in danger with this GTB dangerous innovation.
thank u.

as for the money transfer to bank account, there is a security measure.to complete transfer, you will be required to insert the last 4 digit numbers on your atm card. They should also add pin code to this because if your atm is close by and someone have an idea about this, they can transfer your cash. Pincode should also be added to this in replacement of the 4digit number of the atm card, this way, only you know your pin or probably someone you asked to withdraw cash for you. But as for the recharge card, it is not secured at all.they should also add pincode to complete transactions.

bedfordng:
as for the money transfer to bank account, there is a security measure.to complete transfer, you will be required to insert the last 4 digit numbers on your atm card. They should also add pin code to this because if your atm is close by and someone have an idea about this, they can transfer your cash. Pincode should also be added to this in replacement of the 4digit number of the atm card, this way, only you know your pin or probably someone you asked to withdraw cash for you. But as for the recharge card, it is not secured at all.they should also add pincode to complete transactions.

The four digit number is true but it's not secured enough.

This service by GTBank is not the first after all because Stanbic, First Bank, Quickteller, Pocketmoni, etc, are doing same. I have been using Pocketmoni option since 2012 and Quickteller since 2013 but they require your secret PIN instead of ATM card 4 digits that GTB wants to rely on. May be that's the reason they reduced the amount to N30k per day unlike Quickteller and Pocketmoni where I have done like N1m at a go before

arbitrage:
This service by GTBank is not the first after all because Stanbic, First Bank, Quickteller, Pocketmoni, etc, are doing same. I have been using Pocketmoni option since 2012 and Quickteller since 2013 but they require your secret PIN instead of ATM card 4 digits that GTB wants to rely on. May be that's the reason they reduced the amount to N30k per day unlike Quickteller and Pocketmoni where I have done like N1m at a go before

They actually debited me 30K claiming I used it to buy recharge card. And I never purchased a single kobo of recharge card. They should even incorporate the use of their token if need be. Afterall, it was made for extra security.

akeensbussy:
I also saw that coming....they taught they are innovative not knowing they are risking the hard earned money of there depositors. I don't know who approved the service for them..CBN? I doubt.

plz move this to front page so that people will know that they are really in danger with this GTB dangerous innovation.
thank u.

It's a let down for the bank not to be able to do anything about the funds too