Customers of Standard Chartered Bank have allegedly lost more than Rs. 50,000 to 70,000 as a result of a minor security flaw that confirms online transactions without requiring One Time Password (OTP). This security flaw appears to have just occurred.
Habibullah Khan, a co-founder of RAPTR Games, tweeted about the security issue.
Habibullah claims that several transactions using his Standard Chartered debit card occurred automatically, and that money was taken out of his account without the use of an OTP.
He claims that occasionally, transactions take place with the Apple Store or Uber, and each time, he loses money.
He backs up his assertion with a screenshot of numerous online payments to Apple made without providing an OTP.
Furthermore, neither Standard Chartered nor its representatives have acknowledged that they have this issue.
They have merely stated that they are looking into the issue and that “as per Visa International association criteria for closure,” it may take up to 4 months.
As can be seen from the screenshot that follows, Habibullah is not the only one who has had this problem and has reported it on social media.
On the other side, Standard Chartered has stated that there are no issues on their end and that their systems are unaffected.
The bank asserts that it only occurs when a card is used on an infected machine or at non-compliant merchant locations.
Standard Chartered’s Statement
According to Standard Chartered’s official statement, “For reasons of client confidentiality, we cannot share any details. Rest assured, we have robust processes and procedures in place and our systems have not been affected.”
To read our blog on “There is still a critical security flaw in Android phones,” click here.