Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,133,441 members, 7,743,668 topics. Date: Wednesday, 21 February 2024 at 04:26 PM

GTB Mobile Money Transfer - How Secure Is It? - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / GTB Mobile Money Transfer - How Secure Is It? (38217 Views)

Financial Inclusion In Nigeria: The Challenges Of Banks & Mobile Money Operators / Western Union Has Stopped Money Transfer From Nigeria???????:::::::::::::::::::: / Gtbank Launches Mobile Phone Money Transfer - First Of Its Kind! (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 12:29pm On May 25, 2015
I recently made use of GTB mobile transfer using the code #737#2 to transfer money to a First Bank account and the only security measure they had in place was to ask me to input the last 4-digits on my ATM card.

After a successful transaction, I wondered to myself if this platform is truly the "smartest" as they claim. Yea, it may be smart, but is it secure? What if I lose my bag containing my wallet (with my ATM cards) and mobile phones? Wouldn't the hoodlum be able to transfer money easily from my account to any account of his choice with no hassle before I can block the ATM?

This bothered me and I thought to share it here. I expect GTB to make this more secure by requesting for pin before money can be transferred.

What do you guys think?

13 Likes 4 Shares

Re: GTB Mobile Money Transfer - How Secure Is It? by Nobody: 12:54pm On May 25, 2015
Too bad modern technology has it's own flaws... I thought they requested for you PIN to effect any transaction.
Re: GTB Mobile Money Transfer - How Secure Is It? by pickabeau1: 1:15pm On May 25, 2015
if i were you, I would remove the app from my phone and ensure the bank removes such facility from my account
Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 1:30pm On May 25, 2015
It is not an app. I never subscribed to mobile banking with GTB. All you need to do is dial *737*1* (acct and amt) for GTB accounts and *737*2* for other banks with the line you used to open your account. Just like buying recharge direct from your account using your mobile phone.
I have tried to google it to know exactly what this service is called.

5 Likes 2 Shares

Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 1:31pm On May 25, 2015
Brandnew2:
Too bad modern technology has it's own flaws... I thought they requested for you PIN to effect any transaction.

I am sure they do on other portal but not on this one.
Re: GTB Mobile Money Transfer - How Secure Is It? by pickabeau1: 1:32pm On May 25, 2015
Tgirl4real:
It is not an app Pick. I never subscribed to mobile banking with GTB. All you need to do is dial *737*1* (acct and amt) for GTB accounts and *737*2* for other banks with the line you used to open your account. Just like buying recharge direct from your account using your mobile phone.
I have tried to google it to know exactly what this service is called.

in that case, this is a massive security hole
Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 1:45pm On May 25, 2015
pickabeau1:


in that case, this is a massive security hole

http://www.gtbank.com/media-centre/press-releases/14-media/press-releases/606-gtbank-launches-737-transfers-the-smartest-way-to-transfer-funds-in-nigeria

Have been using their One-Click top-up service for a while now.
Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 1:47pm On May 25, 2015
Well, a few positives that I noticed is that it times out after about 30 sec (not so sure) if you don't input the necessary info.

Secondly, it has maximum transfer limit of 20k per day.

4 Likes 1 Share

Re: GTB Mobile Money Transfer - How Secure Is It? by pickabeau1: 1:55pm On May 25, 2015
Tgirl4real:


http://www.gtbank.com/media-centre/press-releases/14-media/press-releases/606-gtbank-launches-737-transfers-the-smartest-way-to-transfer-funds-in-nigeria

Have been using their One-Click top-up service for a while now.

I don't use my phone for any such

I prefer the dual authentication of password and token provided by the intenet banking platform
The good news about your 737 code is that your liability is limited to 20k daily. that way u can act if u r compromised


The *737* Transfer service is only available to GTBank customers via their mobile phone numbers registered with the Bank and has minimum transfer limit of N1,000 and a daily transfer limit of N20,000

1 Like

Re: GTB Mobile Money Transfer - How Secure Is It? by wonderfulman(m): 2:03pm On May 25, 2015
There is no problem with new app.even if you lose your phone and the atm card, the bank can still track where your money is transferred to.Therefore, do not panic.

15 Likes 2 Shares

Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 2:05pm On May 25, 2015
pickabeau1:


I don't use my phone for any such

I prefer the dual authentication of password and token provided by the intenet banking platform
The good news about your 737 code is that your liability is limited to 20k daily. that way u can act if u r compromised


Yea, and still lose 20k. lol

2 Likes

Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 2:06pm On May 25, 2015
wonderfulman:
There is no problem with new app.even if you lose your phone and the atm card, the bank can still track where your money is transferred to.Therefore, do not panic.

Ha! Track? Which Nigerian Police will pursue the criminal for you. You will use 50k to chase 20k. grin grin grin

11 Likes

Re: GTB Mobile Money Transfer - How Secure Is It? by pickabeau1: 2:07pm On May 25, 2015
Tgirl4real:


Yea, and still lose 20k. lol

20k is 20 litres of fuel o

1 Like

Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 2:13pm On May 25, 2015
pickabeau1:


20k is 20 litres of fuel o

Imagine!

May God help us in this country.

2 Likes

Re: GTB Mobile Money Transfer - How Secure Is It? by Nobody: 4:00pm On May 25, 2015
Tgirl4real:


I am sure they do on other portal but not on this one.
I use the Diamond yello account and it's quiet safe cuz it requests for a PIN and easy too. Daily limit is about 20k or so and 3k per transaction..

More of a pocket money kind of account. grin
Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 4:36pm On May 25, 2015
Brandnew2:

I use the Diamond yello account and it's quiet safe cuz it requests for a PIN and easy too. Daily limit is about 20k or so and 3k per transaction..

More of a pocket money kind of account. grin

3K per transaction ke?

I forgot to mention that they charged me N110 on my 10k transfer. Wey too high. IMOm
Re: GTB Mobile Money Transfer - How Secure Is It? by suyamasta(m): 7:41pm On May 25, 2015
As long as it does not require your pin, then it is Not Secure!! Gtb should do something quickly about this!

1 Like

Re: GTB Mobile Money Transfer - How Secure Is It? by Nobody: 8:13pm On May 25, 2015
Tgirl4real:


3K per transaction ke?

I forgot to mention that they charged me N110 on my 10k transfer. Wey too high. IMOm
Diamond charges 100 on the 3k.
Re: GTB Mobile Money Transfer - How Secure Is It? by Tgirl4real(f): 8:51pm On May 25, 2015
suyamasta:
As long as it does not require your pin, then it is Not Secure!! Gtb should do something quickly about this!

True!
Re: GTB Mobile Money Transfer - How Secure Is It? by Gabrielsylar(m): 11:08pm On May 25, 2015
its not secured....last digit of mastercard is NOT security

crap

2 Likes 1 Share

Re: GTB Mobile Money Transfer - How Secure Is It? by buikem2: 11:09pm On May 25, 2015
I thought the same.

They should have asked us to use our atm pin
Re: GTB Mobile Money Transfer - How Secure Is It? by Nobody: 11:09pm On May 25, 2015
GTBank has seriously dropped security wise, if not, how will a bank give Telcos direct access to our bank accounts in the shade of *737*whatever#
why not add token generation to the mix or did we not pay N3000 naira for that very token security.

first off, glo has been using this golden opportunity to debit user's bank account without you making the request.
or when you make 2 requests, they bill you then deliver credit once.

If they had added the token generation to it, Glo would not have been able to debit our account unjustly as glo will need a valid token to be able to complete transactions.

I just pity those old pensioners who's primary source of livelihood will be equally shared by their housemaids via *737* introduced by some dull GTBAnk's business development managers

now they are raising the bar and giving your account access to everyone with access to your phone and ATM
what a bank

2 Likes 1 Share

Re: GTB Mobile Money Transfer - How Secure Is It? by pinkyruledworld(m): 11:10pm On May 25, 2015
GTB una fall my hand

1 Like

Re: GTB Mobile Money Transfer - How Secure Is It? by modupe2: 11:12pm On May 25, 2015
That's a risk the bank has decided to take. I am very sure there's a ceiling of how much you can transact in a day under this perceived unsecured arrangement. Perhaps N5k per day or something. Please ask.
Re: GTB Mobile Money Transfer - How Secure Is It? by pingpong1: 11:13pm On May 25, 2015
I found a way round the security issue. I defaced the last 4 digits on my ATM card. The number is known only to me and serves as my security code. Yes the card still works on ATMs

16 Likes

Re: GTB Mobile Money Transfer - How Secure Is It? by xdos(m): 11:14pm On May 25, 2015
I thot of same too when I saw d advert... Someone who has access to your atm card and mobile fone can transfer money without you knowing... If your purse containing your mobile fone and atm is stolen on Saturday, you cn lose upto 60k... or even more because the person will both recharge n transfer... I don't see the smartness there...
Pin request would be a lot better.

2 Likes

Re: GTB Mobile Money Transfer - How Secure Is It? by Centurion13(m): 11:16pm On May 25, 2015
Brandnew2:

I use the Diamond yello account and it's quiet safe cuz it requests for a PIN and easy too. Daily limit is about 20k or so and 3k per transaction..

More of a pocket money kind of account. grin

Wema Bank Mobile banking is seamless and maintains 2 factor authentication (password and Token) it is not tied to a particular phone , easy to use and gives you exactly the same features as their internet banking. I was impressed using it.
Re: GTB Mobile Money Transfer - How Secure Is It? by idupaul: 11:18pm On May 25, 2015
Tgirl4real:
It is not an app Pick. I never subscribed to mobile banking with GTB. All you need to do is dial *737*1* (acct and amt) for GTB accounts and *737*2* for other banks with the line you used to open your account. Just like buying recharge direct from your account using your mobile phone.
I have tried to google it to know exactly what this service is called.

Its called a USSD transfer

1 Like

Re: GTB Mobile Money Transfer - How Secure Is It? by Caracta(f): 11:19pm On May 25, 2015
wonderfulman:
There is no problem with new app.even if you lose your phone and the atm card, the bank can still track where your money is transferred to.Therefore, do not panic.

Track? After the beneficiary has emptied his account of the manna from heaven?
Re: GTB Mobile Money Transfer - How Secure Is It? by boneruns(m): 11:21pm On May 25, 2015
This is surely a massive security risk. I don't think the control is adequate.

4 last digits isn't a proper authetication means, and as such, there's no control.

I think GTB was too quick to go live on this procedure without doing proper risk assessments to determine operational risks inherent in this new process. One should have expected such issues are discovered in their controlled-pilot phase and not during implementation.


I expect the Bank to include a valid authentication measure, either by PIN (which could be different from ATM PIN) or a timed OTP.

It takes little effort for a fraudster to hack and transfer funds from a GTB account.

I think it is against CBN's regulation for an unsolicited service such as this, if one doesn't subscribe to it. This can lead to reputation damage and regulatory sanction.

3 Likes

Re: GTB Mobile Money Transfer - How Secure Is It? by samseen02(m): 11:25pm On May 25, 2015
In this case wot i tink they should make use of is d 4 digit ATM PIN code. Though i rilly love this idea i don't care about the charges coz it saves more time
Re: GTB Mobile Money Transfer - How Secure Is It? by bola4dprec(m): 11:25pm On May 25, 2015
Tgirl4real:
I recently made use of GTB mobile transfer using the code #737#2 to transfer money to a First Bank account and the only security measure they had in place was to ask me to input the last 4-digits on my ATM card.

After a successful transaction, I wondered to myself if this platform is truly the "smartest" as they claim. Yea, it may be smart, but is it secure? What if I lose my bag containing my wallet (with my ATM cards) and mobile phones? Wouldn't the hoodlum be able to transfer money easily from my account to any account of his choice with no hassle before I can block the ATM?

This bothered me and I thought to share it here. I expect GTB to make this more secure by requesting for pin before money can be transferred. That

What do you guys think?
the platform is very secure and safe #1 to initiate any transaction on your account you need to register your phone number with GTBank meaning that unregistered GSM number will not be able to transact
#2 all transaction made on the platform have reference that is the beauty of BVN if hoodlums hijacks your phone nd ATM any account that receives money will be track with BVN let me stop here

8 Likes

(1) (2) (3) (4) (Reply)

AMAC Seals Restaurant With Customers And Staff Still Inside / Ifeanyi Ubah Buys A Car For Adichie Izuchukwu, His Aide (Photos) / 6 Money Myths That Has Left So Many Nigerians Broke

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 43
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.