Chai the way these Nigerians are circumventing internet and banking securities is just so genius. This guy ought to be employed. The tactic he employed seems to have baffled the IT unit of Access Bank. Even Visa sef no know. Interswitch got confused. Nigerians are really brilliant. Only if we could channel this into positive use, it would have helped us as a nation.

IgbosAreOsus:

Frustrated Osu morọn
Please get a job and a life

Downtrodden jade I have a job and a good life, sad enough your existence is a function of my benevolence.... Don't let me change my mind and replace all the members of my staff that are JADE with Abokis in the north, cos I heard they have forsaken you all.

Jade ojoo

Wallahi na oju kokoro do this manchi,from 500m him suppose don quit

IgbosAreOsus:
Chai
Who unleashed the rabid dog again?? The frustrated osu morọn

Every great nation has a flag and a coat of arms... Please where is that of coward yellowba jade

lastempero:
But I can't see the 1billion in this guy's body.

Thats because he's a front for the real players.

donsimo:


Learn how to make real money, you dey open mouth on top just 1 bill.

If you see the transactions I dey see. You go run mad be that.

Absuchat:

U dey mind that fool?

donsimo:


Iol
maybe if him sabi say money dey everywhere the guy eye go open.

E do me like quoting you guys.

jimcaddy:
Chai the way these Nigerians are circumventing internet and banking securities is just so genius. This guy ought to be employed. The tactic he employed seems to have baffled the IT unit of Access Bank. Even Visa sef no know. Interswitch got confused. Nigerians are really brilliant. Only if we could channel this into positive use, it would have helped us as a nation.

I noticed as well. There is ingenuity in his method. They just couldn't figure it out. All they knew was that there was a fraud.

IgbosAreOsus:
Chai
Who unleashed the rabid dog again?? The frustrated osu morọn

how far ur hero

dre11:


“It was revealed that Interswitch was hoarding the debits entries in its system records without passing the entries to the appropriate channels, which were the real card holders who have allegedly parted with their money.

“An international POS transaction must go through Interswitch, then to the card issuing company which, in this case, is VISA Card. Then, the transaction must reflect to the card holder and go back through the same channel to the bank before a transaction can be confirmed approved.

“And if a transaction was declined or not approved, it goes through the same channel. But in this case, it was discovered by CBN that the transactions done by the defendant started and ended between the defendant and Interswitch.”





http://www.nta.ng/news/finance/20180323-ifeanyi-uses-pos-to-defraud-customers-n1-2b/

---

And that's the summary of the issue.

So why was interswitch Hoarding the debit entries! Is it insider collusion! Or noticed some discrepancies and tried to push blame.
These financial institutions can be funny atimes.

eTECTIVe:
He wasnt defrauding customers. He was helping yahoo boys launder their funds. Python and ko oya ooo, una Fud don done..

sure bro. your are sighted!

lastempero:
But I can't see the 1billion in this guy's body.

the money isn't his, he was just helping the real owners collect and later transfer to a third acct.

The Access bank,interswitch and who ever approves the transaction are liables.lf he has a good lawyer he would win the the case and demanded for damages..the fraud can't be pinpoint but there was a fraud with or without a thin line from finacial instution.

timwudz:
Igbo kwenu

DEM REGULAR TRADE MARK

Uniquejames:


the money isn't his, he was just helping the real owners collect and later transfer to a third acct.

Thought as much,the guy is not smart.

As always with the average Nigerian Journalist typical wish wash reporting.All of what was quoted does not add up and just kept on quoting Interswitch as if they commited a crime besides a Visa card from access bank such tranx normally would not be processed by Interswitch but more likely UPSL who were quoted just once anyway i wait to hear the actual facts of this story not this ozne they rush to put together for weekend headline sensation.

Jabioro:
The Access bank,interswitch and who ever approves the transaction are liables.lf he has a good lawyer he would win the the case and demanded for damages..the fraud can't be pinpoint but there was a fraud with or without a thin line from finacial instution.

“It was revealed that Interswitch was hoarding the debits entries in its system records without passing the entries to the appropriate channels, which were the real card holders who have allegedly parted with their money."

Just imagine this quoted statement above. Such huge monies were taken from people's accounts and Interswitch deliberately refused to send debit notifications to VISA, that way the account holders wouldn't be notified of any debit transactions on their accounts. If I were among the customers involved in this issue, I'll instantly become mega-rich with the damages I'll earn from these guys.

eTECTIVe:
He wasnt defrauding customers. He was helping yahoo boys launder their funds. Python and ko oya ooo, una Fud don done..

U just said my mind

mrjojo:
Hmm, skimming fraud, this is so outdated. Well, it Nigeria after all. CBN, Access, interswitch should all be ashamed of themselves.Employ a certified cyber security expert, no! The day Indian and Vietnamese hackers will bounce on all these banks with their outdated security protocols, it only God that will save them.

What this guy did was buy track 1 and track 2 "dumps" card with their pin. Then encode it into a blank card and start swiping with the said POS.

N.B : Am just a fintech and cyber security enthusiast o.

Experienced Gboy spotted .

donsimo:


Learn how to make real money, you dey open mouth on top just 1 bill.

If you see the transactions I dey see. You go run mad be that.

Boss show me d way Na....

Hardship won kill me here... "

Chijohn42k:
every blessed day in nija na almost d same news and we go dey call government awa own runs pass gvtment individually

U dey mind us. Very hypocritical bunch we are.

AlanTuringAI:


“It was revealed that Interswitch was hoarding the debits entries in its system records without passing the entries to the appropriate channels, which were the real card holders who have allegedly parted with their money."

Just imagine this quoted statement above. Such huge monies were taken from people's accounts and Interswitch deliberately refused to send debit notifications to VISA, that way the account holders wouldn't be notified of any debit transactions on their accounts. If I were among the customers involved in this issue, I'll instantly become mega-rich with the damages I'll earn from these guys.

My dear,the interswitch is an accomplice,while hoarding debt messages to the account holders.

lastempero:


That means na bank dey flex the money, now bank son take over the money.

Na so!

Absuchat:


Downtrodden jade I have a job and a good life, sad enough your existence is a function of my benevolence.... Don't let me change my mind and replace all the members of my staff that are JADE with Abokis in the north, cos I heard they have forsaken you all.

Jade ojoo

It's this dolt just discovered the word (jáde)
It's boring already

This is more of interswitch enabling fraud. We still have a long way to go as regards cyber secutiy.

Someone's 19k was remotely transferred from his account using a an Online Channel and till today he didn't receive an OTP confirmation or anything.

Searching through the logs showed it was an international transaction and Interswitch failed to require authorization for the transactions

IgbosAreOsus:

How far your hero?
The coward that dressed like a lady and ran to ivory Coast after kill 3 million Osus.
And later he contested to be the president of Nigeria but the fool couldn't even win in his ward

well he did not take ratak

AlanTuringAI:


“It was revealed that Interswitch was hoarding the debits entries in its system records without passing the entries to the appropriate channels, which were the real card holders who have allegedly parted with their money."

Just imagine this quoted statement above. Such huge monies were taken from people's accounts and Interswitch deliberately refused to send debit notifications to VISA, that way the account holders wouldn't be notified of any debit transactions on their accounts. If I were among the customers involved in this issue, I'll instantly become mega-rich with the damages I'll earn from these guys.

seems more like someone tricked their system with fake authorization codes. their audit ptotocols were obviously not good enough/absent otherwise they would have spotted the hanging debit entries earlier than they did

nobsalis:



Experienced Gboy spotted .

Gboy ko, Fboy ni. You could do some reading yourself Bros. Krebonsecurity is a good place to start

IgbosAreOsus:
Go and ask your father.

deomello why ur hero ratak taking dy pain u like this