Feel sorry for ya friend tho' 20k just go lyk dat... in this regime he must have a stone heart not to be dead by now

One chance

AGREED

..

some people funny wia ur
ATM and cell fone has been used by sum1 else how is d bvn suppose to detect DAT the transaction wasn't made by you.

jarkbauer:
This commentary is a beautiful nonsense. All i will say you can not resist change and development in the name of one off's. Should banks stop issuing ATM cards because armed robbers can hijack you and ask for your PIN?

I doubt if u read piece

Your friend can get the money back so far it was transferred to the culprits' account, he just av to report at his bank and they can easily trace and track dem down

Good write up and I agree that GTB should let us create our own 4 pin

ADENIKETINA2015:



Did the OP suggest anything relating to what you wrote


Pls read again

Calling it a nonsense is wrong. he can make suggestions on how to improve it without rubbishing the idea

Most receipts printed using the POS machine shows the last 4 digits of your ATM card number. Here again lies another flaw. Anyone with access to your cell phone and this teller can access your bank account. Such a shame GTBank.

Thanks to all that pointed out with BVN such stolen funds through are easily traceable.

Nigerians like displaying their abysmal ignorance with confidence. The advantages of mobile money far outweighs the disadvantages and with this innovative idea, even people in villages with aceess to gsm services can be banked .

The technology rides on the sms platform vwhich all phones support

2tek:
Op, u can password ur phone. The advantage outweighs d disadvantage. Wt Bvn, d culprits will be easily arrested.

Password phone indeed. So, they can't remove the sim and place in another phone? You know the stress and how long it will take the bank to trace? You might end up leaving the money for the criminals....

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.

Pray that you don't become a victim like the guy the op mentioned. Because that is when you will know how frustrating it is to get solution to issues you consider simple. You will be so frustrated you won't notice that you have created a scene in the banking hall.

Nice piece friend. Thanks for sharing

I'm enjoying the service though

@Op, your post is the beautiful nonsense.
Make a police report, the account the money was transferred to will be traced. With email and SMS notifications, u can get the account easily, better still, visit ur bank.
Do u think ransom collectors that collect CASH are fools?

2tek:
Op, u can password ur phone. The advantage outweighs d disadvantage. Wt Bvn, d culprits will be easily arrested.

I don't think they must use the passworded phone. All they need is the SIM of the owner of the account, which means they can just remove the SIM card and use it in another phone.

The initiative isn't that bad, it just need to be more secure than it is right now.

jarkbauer:


Calling it a nonsense is wrong. he can make suggestions on how to improve it without rubbishing the idea

I guess he only tried to explain the situation with the use of oxymoron hence "The Beautiful Nonsense"


He didn't actually mean it's pure "Nonsense"

Cheers To A Happy Sunday

seeing this, makes first bank mobile money to come to mind. capital beautiful non.sense

Just like they say, it's quite convenient but it is not safe. Anybody around you can get hold of your atm card, just memorise the last four digits and make a transfer to any bank account of his/her choice. I believe the security aspect of this reasonable innovation should be look into and necessary changes should be made. All the same I still give kudos to the bank for this wonderful innovation.

Ya right... Why not suggest that GTbankshould provide security for their customers i.e one police man or body guard per customer.

In the mean time, while awaiting the bank to secure it's 737 platform, these are steps customers can take to stall this theft:

1) Enable phone lock (sadly not all phones have this feature)

2) Enable sim card lock and change it (pin code) in case they can't unlock your phone in step 1 above but remove the sim card and put in another phone. They'd have to know the pin code to operate the sim.

Any more additions?

Fidelity bank as similar services. But you choose your pass cose yoursef. You dont need ur atm card for anything. If the 3rd party does not know the pin code u used, he can't transfer a dyme.

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/

do you know that the transaction can only be done on the phone you used to open your bank acc. So its not that possible for anybody to transfer your money at your back.

The N20 enquiry fee they charge is terrible.

jarkbauer:
This commentary is a beautiful nonsense.
Your condemnation of the idea was outright
Should banks stop issuing ATM cards because an armed robbers can hijack you and ask for your PIN?
Guard your phone and ATM cards.

You are so silly dor this comment.

What is a PIN? It is a personal Identification number. The word personal makes gtb at fault here for setting the pin to the last four digits of your atm card. Why would you give such open number as pin.

Even the rules of passwords and pins is that, you should never write it down. So what has gtb achieved with this?

transfers can only be done via account numbers.With the BVN in place,you will be tracked anywhere in the world.They have thought about that before u do

Azumy:
some people funny wia ur
ATM and cell fone has been used by sum1 else how is d bvn suppose to detect DAT the transaction wasn't made by you.

BVN makes the money traceable. Your finger print, and information.

If we are BVN complant, all this kind of fraud will reduce but then, i am sure people had their way around BVN still and the refusal to do proper investigation too.

His points are valid, they were just rudely stated.

1. Restricting the transfers to your internet banking beneficiaries

2. Using Hardware Token instead of the Card No should be ok.

I think it is very obvious to the learned that this post cum d Op is actually the stupid nonsense.
Have you not wondered why it was only N20, 000 the robbers were able to transfer and no more.
Do you realise the account the funds were transferred to can be traced and with proper investigation when our Police decide to turnup the culprit can be traced in a matter of days more especially in this day and age of BVN.
It is okay to express your concerns but do it with some common sense and not nonsense.

There's more to say but i will stop here.

anochuks08:
I wonder how the banking sector operates and common sense doesn't prevail there I see. If I were to head the banking sector, all these scams will be minimized or drastically reduced.
Sometimes I ask why someone will run to the bank that he was defrauded or a similar case like the one above and the bank will do absolutely nothing about it. Why not transfer or reverse the funds back to its source? if the funds have been withdrawn, why not place a lien on the account and reverse when the account recieves a deposit?

You're obviously not a Banker