Have you ever wondered what the banking halls would look like if there were no ATMs. Payment for services without POS would have curtailed impulse buying for quite some folks, and I’m sure robbery would have been a more lucrative profession if there were no internet banking to make movements of cash an invincible task.

Well, there seems to be an opposite to everything. Every advantages have a twin brother called Disadvantages. So it seems, internet fraud has increased to unimaginable levels. Gone are those days when you could leave your email passwords carelessly, try it and you become an easy target to online scammers trying to harvest your Internet banking password, card details and other sensitive information.

SMS and email notifications were meant to give us additional comfort on activities on our bank account. However you would have to scrutinise any update purportedly coming from your bank. Hackers spread malicious program via email while fraudsters try to trick you into divulging sensitive email via text and mail

Despite all the odds, we cannot afford to sacrifice the speed and efficiency banking automation has brought because of the disadvantages. That will be tantamount to drowning the baby with the water

The GTBank Mobile Money Transfer

If there is one thing that makes Guranty Trust Bank swag, its technology. The constant innovation and new ideas being churned out has warmed the bank into the heart of many banking customers.

Recently, GTBank introduced a money transfer service powered by your mobile phone. Here are some of the features:

  • Send money from your bank account using your registered phone number with the bank.
    Send money to GTB accounts and selected other banks
    No need of internet access
    No app installation, simply dial the short code
    Information to be provided includes amount, account number to credit, receiving bank and the last four digit of your ATM card.
    Daily transfer limit of N20,000

Quite easy, simple, fast and very efficient. Saves you the hassles of going to the banking hall.

I’ll leave the dis-advantages for you to decide. But there is a dreadful thing that could happen.
Every banking service be it manual or automated have a security check. Its either the use of your unique signature or a secret password known only to you.

This is missing in the new GTBank mobile money transfer. And for me that’s scary. Here are the security features in place:

The transaction can only be initiated on your registered mobile number with the bank.
You will need to input the last four digit of your GTBank ATM number as part of the transfer process.

Now let me tell you why that why those security measures are weak.
A desperate fraudster close to you [ Close does not only mean your family member, colleagues and associates also] can easily swap your mobile line. We all know swapping a sim card is now as easier than changing your car tyre by the roadside. All the requesting party needs to provide is the last recharge amount and frequently called numbers.

The numbers on your ATM card can be easily viewed and gotten. Many of us give out our ATM cards to others to help withdraw cash. Or rather still, a quick check at your wallet or bag will reveal that to even the least prying eyes.

Please read more from the GTBank website here.

Don’t quote me saying everyone around you is a thief. But you can say every one is a potential one. The only person who can never be convinced to steal from you is YOU.

That all said and done. I think GTBank needs to improve on the security measures. We can’t afford to sacrifice Safety because of Speed. The fact that they share the same first letter does not make them Substitutes.

I’d like to know what you feel about this and if there is any or no cause to be alarmed.