Standard Chartered Bank seems to have a major security issue at the moment. People have allegedly lost more than Rs. 50,000 – 70,000 due to a simple security flaw that verifies online transactions without requiring a One Time Password (OTP).
The issue was reported on Twitter by the cofounder of RAPTR games Habibullah Khan.
Habibullah says that multiple transactions have happened automatically through his Standard Chartered debit card and money was withdrawn from his account without any OTP verification. He says the transactions sometimes happen with Apple Store or Uber and he loses money every time.
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He accompanies his claim with a screenshot that shows several online payments made to Apple without submitting an OTP.
What’s worse is that Standard Chartered has not admitted to having this problem, nor have they addressed it. They have only said that they are investigating the problem and it may take up to 4 months “as per Visa International association guidelines for closure”. Take a look at the screenshot below.
It is worth mentioning that Habibullah is not the only victim of this issue as dozens of others have reported it on social media.
Standard Chartered’s Statement
Standard Chartered, on the other hand, has said that there are no problems on their end and their systems remain unaffected. The bank claims that it only happens with non-compliant merchants or if a card is used on an infected device.
Here is the official statement from Standard Chartered:
