boneruns:
This is surely a massive security risk. I don't think the control is adequate.

4 last digits isn't a proper authetication means, and as such, there's no control.

I think GTB was too quick to go live on this procedure without doing proper risk assessments to determine operational risks inherent in this new process. One should have expected such issues are discovered in their controlled-pilot phase and not during implementation.


I expect the Bank to include a valid authentication measure, either by PIN (which could be different from ATM PIN) or a timed OTP.

It takes little effort for a fraudster to hack and transfer funds from a GTB account.

I think it is against CBN's regulation for an unsolicited service such as this, if one doesn't subscribe to it. This can lead to reputation damage and regulatory sanction.

linearity:


I do not know why people think that BVN is even that secure and will somehow prevent thieves. Necessity is the mother of invention, they will simply re-innovate and continue what they have been doing.

Yes, BVN not withstanding, the GTB phone transfer are is very risky.

This will just allow thieves to milk more victims....take a case, where someone is held against their will and their ATM card taken and forced to divulge their PIN...and the thieves holds them until they bleed their account to red....If the account is red, all the thief need not hold another victim against their will...target GTB account holders, snatch their phone and ATM card, transfer money to your previous victim's account and continue milking the funds out of that account.

Now, before this GTB none-sense, they would have released their victim after their account reached red....but with this, they can hold out hopes for additional exploits without leaving a trace, BVN or no BVN.

And the BVN thing, gives people a false sense of security, people can disfigure their fingerprint, google 'change my fingerprint' you will be surprise that, you can order a kit for that, then disguise do a facelift, approach any bank, do your registration and BVN with your new identity....approach multiple banks with different identities and fingerprints and open multiple accounts and the yahoo yahoo guys are back in business as usual.

gbodimowo:


nollywood