If you have a bank account with GTBank, this is a must read for you…. Last Month, Nigerians on social media were tricked by... Why GTBank Latest 737 Simple Mobile Banking is a Beautiful Nonsense – Uc Artt Ekwueme

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

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 is it 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.

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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 tamper 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 ALSONigerian 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 effect in this regard,  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.

SEE ALSO :  Official Statement; Skye Bank Disclaims EFCC Investigation Report

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  • Babs Johnson

    April 12, 2016 #1 Author

    I will say it is very bad to cook this kind of story to destabilized new innovation by GTBank. Yes base on the explanation it is possible for someone to defraud you with the innovation. But the fraudster can only get the money through transfer to his or her account. The fraudster can never get the money through ATM. Lest we forget everybody have BVN code which make it easy to track the fraudster. You can’t tell me that somebody transfer your money to his or her account and bank could not be able to trace him or her. It is better to desist from this campaign against GTBank innovation and face reality of life. Introduction of BVN will ease USSD banking system in Nigeria.

    Reply

    • Uc Artt Ekwueme

      April 12, 2016 #2 Author

      I hope you don’t become a victim someday. Just saying

      Reply

    • Ibrahim Sani

      April 13, 2016 #3 Author

      Exactly, I was once a victim of a similar case with one of these new generation banks, and for over 2 months I couldn’t get back my money. Banks and their BVN are just myth. Johnson pray you don’t experience it. Cus then u go know say “until the crab enters the hot water, it will never know there are two kinds of water”

      Reply

  • Prince Donatus Uwem

    April 13, 2016 #4 Author

    Yeah, I strongly believe it everything is just a beautiful nonsense, for months now just a reversal on a transaction that I was debited n my beneficiary not credited has taken months without reversal till date. I have put several calls without good response n all the calls made is not toll free! Criminals and also different charges with funny names! Nonsense.

    Reply

  • Opeolu Ajayi

    April 13, 2016 #5 Author

    Haba why I agreed that banks are somehow nowadays. You are expected to change you pin to your own pin code after activation that I’d the normal procedure. To live the pin upon which the service was activated is your own risk. Why the banks are bad .not everything should be blame on banks

    Reply

  • Ibrahim Maryam

    April 13, 2016 #6 Author

    And another nonsense they did is if ur ATM expires and u go back to ur branch 4 new card, u will b given dsame card as d expired one. So, even if ur card expires, still keep it safe as it’s same last 4 digit as d new one.

    Reply

  • Tanko Kokwain

    April 13, 2016 #7 Author

    GtBank should look into this matter urgently n seriously to avoid risking the savings of their customers.After all there are many alternative safe Banks!

    Reply

  • Jay Ugo Monday

    April 13, 2016 #8 Author

    I don’t c anything bad with that, its all about the conveniences… U should b ur own security… When u c boko haram wait for buhari to protect u.. Don’t protect urslf…

    Reply

  • Bola Rotimi

    April 13, 2016 #9 Author

    Good observation.

    Reply

  • SamTech

    April 13, 2016 #10 Author

    The two problems of Nigeria Banks and Telecommunication Networks. All boosit

    Reply

  • Ibrahim Sani

    April 13, 2016 #11 Author

    This Is one of the constructive criticisms I’ve come across of recent. He offered a possible solution as a suggestion. Thumbs Mr Ekwueme

    Reply

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