walexy30:

That is exactly how convenient it will be to pauperize you.

You mean the likes of you who tend to spend more than you earn Sorry bro I ve got principles guiding my daily expenses. And I statistically earn more than I spend.

crackhouse:
@OP, U CAN PASSWORD UR PHONE AND UR SIMCARD AND THAT SAVES A LOT OF SHITS. EVEN IF UR SIMCARD IS REMOVED AND PUT IN ANOTHER PHONE THEY WILL STILL NEED UR PIN CODE TO ACCESS IT.

I just love nigerians, they are smart. That's cool.

horsepower24:

Bros. Lie small small. The highest transfer on that *737* is 100k daily.

I had a friend who was threatened to transfer money and he reported the case to the police got a police report and his funds were returned after the culprit was apprehended.

Police report is just for checks so that I don't come back and claim that a legitimate transfer between me and you was a fraud. How would you feel if someone you did a job for pays you after so much wahala and goes to the bank that he mistakenly transfers the money to you. And the bank reverses the transaction? Now the onus is on the police to ensure proper investigation is done before releasing such reports.

I am a lawyer and I av worked on some cases as this with banks and I have noticed that most times, customers lie.

See lawyer reasoning like an Agbero. Did he tell you the criminals used the *737# platform to transfer the 320k? Why call him a liar?

It's Not what you call it. I av heard about it and have been using it to recharge my phone since last year (2015) and it has been very convenient. In fact I almost forgot about it because I was to do a transfer this morning and was thinking of how to go about it before I stumbled on this your post.

Like every thing in life that banking method has it's advantages and disadvantages but it's advantages far more outweighs it's disadvantages.

Your ATM card is supposed to be personal and so Is your phone but your friend was just unfortunate. Just yesterday a friend was telling me a story of armed rubbers that attacked them on their way from Lagos to Abuja while taking a Nite Bus. The Armed Rubbers came with a POS machine, they collected all the debit cards with passengers on board with their pins. The POS was used to test the pin in order to be sure it is correct. my friend first of all tried to play pranks by giving them a fake pin and they played theirs by threatening to machete off his fingers.. no b person tell am be4 him give them the correct pin.. then they collected their phones too.

Do we now say the introduction of ATM machine is beautiful nonsense too..?

or maybe a person withdraw money from the counter and immediately robbers enters the bank and cart away with all... do we say the it's beautiful nonsense?

Bad things happen sometimes but blaming a very positive and effective innovation because of one unfortunate event is not the way to go. We should be thinking of to effectively keep away our debit card from our phones.

ADENIKETINA2015:



Did the OP suggest anything relating to what you wrote


Pls read again

Your case is critical. So you could not understand what the guy said.
Ok let me explain it to you.
He meant should 737 banking be scrapped because it is not secured, then it also makes sense to totally scrap atm cards, since a thief can collect atm card from you and ask for your pin.
Smh. So many dull people online

If you are robed of your phone and atm card and subsiquently the thieves use your phone to transfer money to their account, it becomes the problem of the bank and they should refund the money to you. Why? Because with BVN, they can revers the withdrawer and get the thieves arrested. All hail BVN

NigerianMusic:
If you have bank account with GTBank, this is a must read for you....

SOURCE --------> http://hypenigeria.com/2016/04/09/why-gtbank-latest-737-simple-mobile-banking-is-a-beautiful-nonsense-uc-artt-ekwueme/

Last Month, Nigerians on social media were tricked by the suspenseful trend "What Is The 737?" popping up, from hashtags to sponsored ads and billboard campaigns. Little did we know that one of Africa's largest and leading contemporary banks, Guaranty Trust Bank Plc widely known as GTBank in Nigeria, who are behind the trend was about to hit us with yet another "innovative banking service."

GTBank-Launches-Innovative-Service-Delivery-Channel-–-Bank-737

Weeks later, it was officially launched to the public, albeit it has been in operation weeks prior to it's official introduction, as i have used It twice last month.

They say " Just Dial *737# "

It's as easy as that. What this service simply does is that by just dailing *737# you can either

1. Open a GTBank Account

2. Transfer Money ( anytime of the day 24/7)

3. Purchase Airtime

4. Check account balance and many more, right at the convenience of your fingertips, using jusy your mobile phone ( even a Nokia torch will perform this service, apparently you don't require any internet access to do so) ... but am here to talk about the security risk sorrounding the "Fund Transfer" service included and why it's a 'beautiful nonsense'

Just yesterday a friend of mine called me and was lamenting on how some group of boys ganged up against him and made off with his GTBank ATM card and cell phone, at about 7:21pm somwhere in Suleja. Getting to a nearby branch to lay complaint of his stolen card the next day, alas 20,000 Naira has been hijacked off his bank account already.

"Chai !! na wa ooo, for this dollar bill economy.. I exclaimed as he narrates his ordeal to me. And sadly, that' actually to the last penny savings on his account. Unfortunately, prior to the ugly incident, this dude was not aware of the bank's newly introduced banking service. Thus wouldn't have known that with just your GTBank ATM card and registered phone number its now easy to transfer money from one bank account to another in a minute.

HOW THEY DID IT, and WHY IT'S a 'BEAUTIFUL NONSENSE' ??

Now that's why I called this service a 'beautiful nonsense' because of its high risk and poor security. Of course since they were in possession of his cell phone and GTBank ATM naira Mastercard, the 'innovative smart criminals' dialed *737# followed the instructions, filled in the amount they wanted, their account number, their bank and lastly 4-digit security code which is the last 4 digits on the ATM card, and boom !!! the money is transfered right inside their own account.

SOURDE ----------> http://hypenigeria.com/2016/04/09/why-gtbank-latest-737-simple-mobile-banking-is-a-beautiful-nonsense-uc-artt-ekwueme/

The bank brags that this service is safe and convenient. 'Convenient' ? Yes for sure, but 'Safe' ? a big NO, and will never be safe with the current procedure for money transfer, even if Vincent Enyeama decides to make a U - turn back to the Super Eagles.

We all know many Nigerians banking with Guaranty Trust Bank still stands a high risk of losing their money to smart bad guys, we all know an average Nigerian moves about to his or her office and almost everywhere with ATM card and cell phone, and we know what that means (that isnto say; criminals can even walk up to you and do the smart move.) We also know many children have easy access to their parents cell phone, which most will know the last four digits of their ATM card, and we know what that means.

One of the major essence of keeping our money in the bank is for safety, what then happens when banks services are no longer safe ? It becomes a 'beautiful nonsense.'

MY SUGGESTION / SECURITY SOLUTION

I suggest to, and advice the management of GTBank to consider the following for safety of their *737# Money Transfer service.

1. Customers Must Choose their 4-digits code by themselves

Just like the ATM card security code for withdrawals, rather than making the last 4 digits of customers naira master card as default security code for money transfer, it should be a decision for each customer to choose whatever 4 digits he or she wants as security code. Thus nobody, even if they are in possession of your ATM card and cell phone can temper with the money in your bank account.

2. It Should Be Optional

I strongly suggest for security reasons, that this particular service should be optional. Of course as it stands now, the service is automatically activated for all GTBank account holders with their ( ATM) Naira Mastercard . This is an epic fail by the company, I must bluntly say.

So I firmly stand that customers should be allowed to decide if such services be activated on their bank account or not, as many Nigerians operate accounts with different banks each for a particular purpose.

SEE ALSO : Nigerian Naira On the Fall Again In the Parallel Market

MY CONCLUSION

All said and yet to be done, while we await on the management of GTBank to act with immediate affect to these regards, I will advise my fellow Nigerians banking with Guaranty Trust Bank to stay at alert and avoid risking their hard earned money in this though economy to bad guys.

Thank you all for reading through. I hope I made a few sense with my 'beautiful nonsense.' Until I write you again, stay blessed and keep making legal money. I remain Uc Artt Ekwueme (Chief Editor for HypeNigeria.com) ucarttekwueme@gmail.com ...drops pen....Bye.

Make sure you Share this insightful piece with Friends and Love ones to help them keep their money Safe.

SOURCE -------> http://hypenigeria.com/2016/04/09/why-gtbank-latest-737-simple-mobile-banking-is-a-beautiful-nonsense-uc-artt-ekwueme/

@OP....Ur friend was too carefree wit such important online detail...And how were d robbers able to know he had a GTB atm and his fone number dat was registered to that account??

We must,on our own,learn to be security conscious with such...

...keeping ur atm card and the GTB registered sim in a safe and secured place is,in my opinion,the best solution cos the *737# platform is awesome

coolbreeze44:
The advantage is more than the disadvantage. The introduction of the BVN makes so much sense when theft such as that mentioned by the OP is perpetuated. It will take less than 10mins to get to know the criminals that did that. I am sure the GTB management would have done a proper survey and brainstorming before embarking on the *737# concepts.

Mr gtb bank staff how bout u drop a suggestion to ur head office saying see what customers are facing

My thoughts exactly.... Though a nice innovation, but not secured. This has to reach gtb.

My deepest sympathies but Who in this age and time does not lock his/her phone with a password. That gross carelessness. I have experienced theft and robbery several times and what saves my personal information from violation is locking my phone. Even phone coys have several securities in place which people still do not make use of until something bad happens and then they seek to blame everyone else but themselves. Should a great idea born for the good of many, be criticized, debunked and made difficult because of bad people? No! If so we would never have ATMS or Cards or any innovative idea. We should be more responsible! We learn from experience even bad ones.

Have any one realized the unaccountable one naira dat got missing after transfer?

suco01:



Mayb u jst start using GTBanks, evry months charge of #65 to #100. Description of transaction different customers. If u dnt knw, go and make ya research, u're been charge monthly for transfer of funds frm other customers to ya account.. this is a copy of the last one deducted


Amt: NGN72.00 Dr
Desc: SI TRANSACTION (DIFFERENT CUSTOMERS)-GeNS CHARGE FOR 8MAR2016-05APR2016

Oga it is you that should ask questions. SI Transaction is for GeNS alert. That is SMS. Count how many transactions you did in a month and multiply it by N4. If you don't want that charge, deactivate your SMS alert and opt for the email alerts.
NB: I've been banking with them since 2002.

jagojunior:


I expect a lawyer to have a good sense of comprehension. Saying my folk got scammed of 320k doesn't translate to being scammed via the *737# portal. As a lawyer, you shouldn't have concluded like that, won't insult you cos I believe you have learnt something from your mistake. I only brought that instance up to show y'all that the process of recovering stolen fund via fund transfer (whether *737# or others) even with the introduction of BVN isn't as easy and fast as they are presenting it. It is not just tasking but involves more spending, suspense, time consuming and tension between you, family and the bank. I'm speaking from experience here. Don't forget that the victim must continue to live, you know the rest. Peace

I think you have a communication problem. You mentioned the flaws in the *737 product and how your friend got scammed in one line without proper paragraphing. One would deduct the customer was scammed through that means.

Because of litigations, banks must follow due process and that's why they request for police reports and court orders in extreme cases. But naija wants quick solutions. These won't work where there are enough systems and controls to avoid fraud on people's account. How can money just jump from one account to another if the person has not compromised in giving his banking details to a fraudster.

Peace

openmine:
@OP....Ur friend was too carefree wit such important online detail...And how were d robbers able to know he had a GTB atm and his fone number dat was registered to that account??

We must,on our own,learn to be security conscious with such...

...keeping ur atm card and the GTB registered sim in a safe and secured place is,in my opinion,the best solution cos the *737# platform is awesome

Exactly. The OP's friend was careless like the OP himself with his unguarded statements.
In modern age, there are different security methods in protecting your phone. Keeping bank alerts on your phone is also a security risk. Here in PH where kidnapping is the order of the day, once Kidnappers get their preys, they go through the msgs to check for bank alerts and probably access their victims.

People should be wise and security conscious and not bullshit an innovation that has saved life and reduced queues in banking halls

franconian:


See lawyer reasoning like an Agbero. Did he tell you the criminals used the *737# platform to transfer the 320k? Why call him a lier?

Judging from your profile, I can see that you thrive on internet bundle tweaks and cheat. You're beneath me (no disrespect intended).
BTW, it's liar not lier. Damage ignorance. Cheers

horsepower24:


Exactly. The OP's friend was careless like the OP himself with his unguarded statements.
In modern age, there are different security methods in protecting your phone. Keeping bank alerts on your phone is also a security risk. Here in PH where kidnapping is the order of the day, once Kidnappers get their preys, they go through the msgs to check for bank alerts and probably access their victims.

People should be wise and security conscious and not bullshit an innovation that has saved life and reduced queues in banking halls

So True

Nigerians will not stop to amuse me. So myopic and ignorant and loud.

For God sake, the first thing you should think about is the ownership of the account money was transferred to. And it can be traced with other security measures put in place such as KYC, BVN, etc.

That's all. Why condemn an award winning banking innovation. #bushman. . A fi Lokoja na

Donmams:
Nonsense post by OP.

Needlessly castigating one of the best banking innovations of our time.
I would have zero problems as far as crooks are willing to steal my money via bank transfer!
In this day and age of BVN, the foolish thief who does that will be leading you straight to his doorstep!

Even if he provides a fake Address, his biometric data will be flagged and anywhere he opens a new account or makes a transaction within a banking hall he will be arrested immediately!

There is nothing 'unsafe' about it! Unless that criminal is a fool he will never attempt transferring money to another account as it is just too easy to trace. This is why the BVN was introduced in the first place! To stop financial crimes completely!

Some people here on Nairaland accept payments for their goods, services, currencies (dollar, euro, gbp, etc) through bank payments, so how does a person who steals another one's card and uses it for such payments be traced? The wrong person will suffer for that in this case.

Seriously a lot of people are careless about these things! Nigerians share their PINs and Passwords with families and friends; they leave their detiaks carelessly on shopping sites; bottom line they are not security conscious and when something happens, they blame the Bank. The first responsibility to protecting oneself is on oneself! Haba lets be careful! Na only you waka come!

ADENIKETINA2015:



Did the OP suggest anything relating to what you wrote


Pls read again

I wanted to call u a slow poke but I resisted but really d guy was just making an analogy juxtapose it btw his post nd d op's post period

horsepower24:


Exactly. The OP's friend was careless like the OP himself with his unguarded statements.
In modern age, there are different security methods in protecting your phone. Keeping bank alerts on your phone is also a security risk. Here in PH where kidnapping is the order of the day, once Kidnappers get their preys, they go through the msgs to check for bank alerts and probably access their victims.

People should be wise and security conscious and not bullshit an innovation that has saved life and reduced queues in banking halls

Careless?

You work for gtb i guess.

Do you know your last 4 digits is displayed on receipts of pos transactions and the store keeps a copy of that?

The bank is definitely endangering their customers. If this is a voluntary service then fine and okay. People must know the risks they are taking by subscribing but automatically subscribing every single customer is crass stu.pidity and violation of the customers rights by gtb. A pin should be something hidden and known to the person alone, not the last 4 digits of your atm that's a nominal number. Even stores ask for the last 4 digits of your atm to sometimes confirm transactions. so quit the rubbish you are yapping and face reality.

I bank with them and would sure move my account away. There are other banks offering same services with more security.

Innovations around finances can only stand the test of time if they are secure. You can't reason away security because of convenience..You know why services like PayPal et al still exists? Because of the security of the customers funds, any other thing is added advantage.

I think BVN is wonderful innovation that can checkmate financial crimes and fraudulent activities if the banks are ready to do the work BVN is meant for. But it would be disgusting if the bankers are too lazy to make system work. Without doubt it should be easier to check movements of monies fraudulently transfered. GTbank should have seen various areas their products are defective before giving them out. Going by the explanation of OP one will see that Gtbank mobile money is not save enough to subscribe to and depend upon. They shouldn't have made the pin the last 4 digits of subscribers ATM card. Can any Gtbank officials give acceptable explanation for that?

If BVN has provided the basis to keep bank accounts more secure, all banks should have been consider safe for any transactions carried out within and outside the bank premises. Anyway I have used Firstmonie for years without any issue, it is up to Gtbank to strengthen its mobile money security.

Since today it has been telling me service temporarily unavailable. They r doing like Mtn, bad network.

Generalkorex:

dont mind d op and his friend.
I av been using dis service for over 8months now I already knw d last 4 digits of my atm so I dnt take my atm around. The 737 can only work on d phone u registered ur bank with.

Am trying to understand u guys saying it only works on d PHONE u registered with...do u mean dt if i open a gtb acct with my tecno d5, another tecno d5 user who has my pin cannot access my acct?

franugo:


Am trying to understand u guys saying it only works on d PHONE u registered with...do u mean dt if i open a gtb acct with my tecno d5, another tecno d5 user who has my pin cannot access my acct?

no we mean d phone number.
If u open ur acoun with ur etisalat number.d 737 wont work on ur mtn except u use ur eti.
It only work 4 d fone number u do gt alert wit.

Jacko1:


Mr gtb bank staff how bout u drop a suggestion to ur head office saying see what customers are facing

I am not a GTB staff, you must know that not all the complains here may be genuin. Even if they are, those individuals have the access to their various banks to complain. What is my own share. I was only being rational in my submission. We complain about everything, a bank has simplified banking for you to the level that other banks are struggling to follow same path. I bank with GTB and the *737# sservices is one of the most advanced technovation the banking sector has witnessed. Let me remind you that there is nothing with avantage that doesn't have dissadvantage. People who go to the bank to withdraw money are sometimes followed and robbed, so why don't you complain to the bank!

Generalkorex:

no we mean d phone number.
If u open ur acoun with ur etisalat number.d 737 wont work on ur mtn except u use ur eti.
It only work 4 d fone number u do gt alert wit.

Then its nt safe na! frankly tho, there isn't much the bank can do abt d phone part, but they should improve on the pin aspect.
.
n customers should understand dt fridays are usually d best days 4 these robbers as they can steal humongous amounts n almost always get away with it cos there's a 3-day break where the customer can't do much as banks do not open on weekends..so its better that they leave their sim cards at home or in an office, instead of carrying it about on dt day

franugo:


Then its nt safe na! frankly tho, there isn't much the bank can do abt d phone part, but they should improve on the pin aspect.
.
n customers should understand dt fridays are usually d best days 4 these robbers as they can steal humongous amounts n almost always get away with it cos there's a 3-day break where the customer can't do much as banks do not open on weekends..so its better that they leave their sim cards at home or in an office, instead of carrying it about on dt day

I can speak for GTB bt nt other bank.
U can hostlist ur atm card anytime of d day. I did it once and no transaction could be done with d card. Once d person insert the card into d atm
sorry the atm will swallow and dats all. U cant do any transaction on an hostlisted card.
I think we just av to be careful.
That particular day,friday evening I noticed dat a transaction was being done cos I keep receivin OTP code I knew my phone could be taken frm where I was charging. So I removed the phone bt keep getting d OTP code,the person even tried an international transaction which doesnt required OTP code. Dat wen I hotlisted d atm card around 8pm immediately I received the international transaction alert.then I called gtb customer care if d card could be dehostlisted.bt no solution.
I was only told dat I could retain the number on d card which I reject.
We just av to be care ful sha

Generalkorex:

I can speak for GTB bt nt other bank.
U can hostlist ur atm card anytime of d day. I did it once and no transaction could be done with d card. Once d person insert the card into d atm
sorry the atm will swallow and dats all. U cant do any transaction on an hostlisted card.
I think we just av to be careful.
That particular day,friday evening I noticed dat a transaction was being done cos I keep receivin OTP code I knew my phone could be taken frm where I was charging. So I removed the phone bt keep getting d OTP code,the person even tried an international transaction which doesnt required OTP code. Dat wen I hotlisted d atm card around 8pm immediately I received the international transaction alert.then I called gtb customer care if d card could be dehostlisted.bt no solution.
I was only told dat I could retain the number on d card which I reject.
We just av to be care ful sha

i thought d whole point of d 737 stuff was to make transactions mobile i dnt understand why d thief needed to use an atm machine in the first place..why not just transfer the money outta ur acct? or are u nt talking about *737?

franugo:


i thought d whole point of d 737 stuff was to make transactions mobile i dnt understand why d thief needed to use an atm machine in the first place..why not just transfer the money outta ur acct? or are u nt talking about *737?

4 u to use d 737 stuff u need 2 tins.
The sim which u used to open d account and d last 4 digit of ur atm.once ur atm n phone are stolen u can still hostlist d atm and make d 737 useless on d sim.

Generalkorex:

4 u to use d 737 stuff u need 2 tins.
The sim which u used to open d account and d last 4 digit of ur atm.once ur atm n phone are stolen u can still hostlist d atm and make d 737 useless on d sim.

Well d transactions could be done in ur presence n u wouldn't be able to do anything @ gunpoint...still can u list out d procedure 4 hotlisting d atm?

franugo:


Well d transactions could be done in ur presence n u wouldn't be able to do anything @ gunpoint...still can u list out d procedure 4 hotlisting d atm?

send HOTLIST account number to 08076665555
gtb only o