Hello guys. I want to share my experience after I lost my phone. There are millions out there who may fall victim just like me.

Background
I traveled for a program on an emergency invitation. Because my phone developed a fault I decided to travel with my wife's phone. I only swap the Sims. So only the phone was passworded. On arrival my phone was stolen in a taxi and it was already after 8pm before I could checked into an hotel. Because what I went for started early for the next two days, I didn't have time to follow up on the phone lost. Besides, I had also reasoned that the phone was locked and I don't use the phone for any transaction before. To cut the story short, when I went to withdraw money from my account the night before I returned, I realize that my money was gone. Later I confirmed from the bank that the person who stole the phone used it to purchase airtime using GT bank *737# USSD code. After I retrieved my line, I realized I still have about N13,500 worth of MTN airtime that the thief is yet to sell.

MY TAKE
There is a loophole that these thieves are exploring based on the current USSD setting. Just like transferring money, the Banks should have requested that any USSD transaction should be password protected. I was told at GT that even if I have N100000 in my account, the whole money can be used to purchase airtime. To me this is a failure on the part of NCC since they are the one who grant the Banks license to use the USSD. It should have been one of the basic requirements for financial institutions that any USSD transaction on a customer account should pass through a code verification. Both NCC, the Telcos and the Banks are not interested in consumers protection. What they're after is the token transaction charges.

MY TOKEN ADVISE
After this experience, here are my token advice:

1. In addition to passwording your phone, make sure you password your Sims

2. Know the block code for any of your bank accounts associated with your sim. In my case I only use my MTN for all my bank alert. If your bank is say GT, you'll have the GT *373# USSD code for blocking account. In this case you must know your account number. You can ask anyone around to lend you their phone to do it.

3. Alternatively to 2 above, you can opt out of USSD service on your account. I inquire from GT and they told me to dial *373# select Next then select Opt out. Other Banks should have a method to opt out. Currently I don't know how effective this will be. But at least it can buy you some time to block transaction on your account.

4. Remotely find, lock, or erase your phone data on Android phone. This option is important if you are sure your phone was stolen just like my case.

1. Go to android.com/find and sign in to your Google Account.
1.1 If you have more than one phone, click the lost phone at the top of the screen.
1.2 If your lost phone has more than one user profile, sign in with a Google Account that's on the main profile.

2. The lost phone gets a notification.

3. On the map, you'll get info about where the phone is.
3.1 The location is approximate and might not be accurate.
3.2 If your phone can't be found, you'll see its last known location, if available.

4. Pick what you want to do. If needed, first click Enable lock & erase.
4.1 Play sound: Rings your phone at full volume for 5 minutes, even if it's set to silent or vibrate.
4.2 Secure device: Locks your phone with your PIN, pattern, or password. If you don't have a lock, you can set one. To help someone return your phone to you, you can add a message or phone number to the lock screen.
4.3 Erase device: Permanently deletes all data on your phone (but might not delete SD cards). After you erase, Find My Device won't work on the phone.

Important: If you find your phone after erasing, you'll likely need your Google Account password to use it again.

Tip: If you've linked your phone to Google, you can find or ring it by searching for find my phone on google.com.

Have you ever heard of sim pin

Na so❓

gulfer:
Have you ever heard of sim pin

what do you mean please?

realunclej:
what do you mean please?

That's to say password your sim card that way you won't have to go through all the stress you listed above . The steps you listed above is too long and cumbersome for any rookie

zolajpower:


That's to say password your sim card that way you won't have to go through all the stress you listed above . The steps you listed above is too long and cumbersome for any rookie

And all will not work. Shebi he said earlier that his wife's stolen phone was passworded. The thieves only need to put the sim card in another phone to empty the account linked to the sim card.

The only remedy is to password the sim card.

realunclej:
That's what I thought which explains why I didn't think of blocking my bank account. But at the bank GT told me there is no transaction pin for airtime purchase but you can only purchase maximum N2000 at a time. I saw it in my account transactions. That's why I said it's a loophole in the usage of USSD for financial transactions.

Bro, I use my pin for all my airtime transactions. The bankers are not telling you something.

Mark this..

Desperados:



Bro, I use my pin for all my airtime transactions. The bankers are not telling you something.

Mark this..

perhaps I'll have to double-check. I was arguing in the banking hall and other customers were laughing. In fact the lady was on top of her voice and was telling me maybe I should write a letter to GT that all USSD transactions should pass through such verification code. I think I'll have to contact their headquarter to validate your claim.

realunclej:
perhaps I'll have to double-check. I was arguing in the banking hall and other customers were laughing. In fact the lady was on top of her voice and was telling me maybe I should write a letter to GT that all USSD transactions should pass through such verification code. I think I'll have to contact their headquarter to validate your claim.

The headquarters will hardly respond to you and they would claim nothing of such if they do eventually respond.



Nigerian bankers are the best thieves in the country.

Sorry for the loss. I think the best alternative is to password your Sim card. A locked phone can easily be flashed.

Desperados:


The headquarters will hardly respond to you and they would claim nothing of such if they do eventually respond.



Nigerian bankers are the best thieves in the country.

When I send my mail, I'll copy NCC since they are the one that license the Banks to use the USSD, https://www.fccpc.gov.ng, the Telcos and other important stakeholders. The Banks are not supposed to leave such loopholes in financial transactions through USSD medium. This way they are encouraging criminality and exploitation of unsuspecting victims.

Desperados:



Bro, I use my pin for all my airtime transactions. The bankers are not telling you something.

Mark this.

For GTbank if you are buying airtime using the sim card directly linked to your bank account, no password or any means of authentication is required. All you have to do is, dial *737*airtime ammount#. Password is only required if you are buying airtime for a sim not linked to your account. Once had a similar experience, I was lucky that my sim card was passworded.

Sapeleboy911:


For GTbank if you are buying airtime using the sim card directly linked to your bank account, no password or any means of authentication is required. All you have to do is, dial *737*airtime ammount#. Password is only required if you are buying airtime for a sim not linked to your account. Once had a similar experience, I was lucky that my sim card was passworded.

Then GTBank have to answer to this.

I use Access bank and i initiate pin for every transaction even to checking acct balance.

realunclej:
perhaps I'll have to double-check. I was arguing in the banking hall and other customers were laughing. In fact the lady was on top of her voice and was telling me maybe I should write a letter to GT that all USSD transactions should pass through such verification code. I think I'll have to contact their headquarter to validate your claim.

There is nothing to double check, GTBank allows you to purchase airtime on your bank registered sim (the number you registered to your bank account) of upto 2k without any pin, I don't know of other banks, but I am very sure about this on GTBank. Just make sure your transaction sim is sim locked so as to save yourself from all this wahala.

crowbar:


There is nothing to double check, GTBank allows you to purchase airtime on your bank registered sim (the number you registered to your bank account) of upto 2k without any pin, I don't know of other banks, but I am very sure about this on GTBank. Just make sure your transaction sim is sim locked so as to save yourself from all this wahala.

thought as much