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Nairaland Forum / Nairaland / General / Business / Why Gtbank Latest 737 Simple Mobile Banking Is A Beautiful Nonsense (977 Views)
GTBANK Introduce Security Pin For *737# Transactions / My Experience Using Gtbank *737* Transfer Service / MUST READ : Why Gtbank Latest 737 Simple Mobile Banking Is A Beautiful Nonsense (2) (3) (4)
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Why Gtbank Latest 737 Simple Mobile Banking Is A Beautiful Nonsense by chorlay: 6:37pm On Apr 09, 2016 |
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 .”
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.
SEE ALSO : Central Bank Of Nigeria Starts Review of Guide
to Bank Charges
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 is to 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.
by Uc Artt Ekwueme ( Chief Editor for HypeNigeria.com)
ucarttekwueme@gmail.com |
Re: Why Gtbank Latest 737 Simple Mobile Banking Is A Beautiful Nonsense by MizTyna(f): 7:13pm On Apr 09, 2016 |
It's actually scary. Imagine you lose your purse containing your ATM card and phone. You don die be that. Looking at so many insecurity on ground now,carrying ATM card around is even risky. I now leave little change in my GTB. The only account I keep funded is the one I can't access unless I'm at the counter. Let one bagger now tell me someone somewhere bought things from Alibaba.com using my account |
Re: Why Gtbank Latest 737 Simple Mobile Banking Is A Beautiful Nonsense by dominique(f): 7:47pm On Apr 09, 2016 |
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