Bank Fraud Alert

The internet is rife with memes based on the subject line “When you order for something versus when it arrives” The memes revolve around two images, one depicting the image that was displayed on the e-commerce site and the second showing the product looking drastically different from the online picture after it arrives. As humorous as the memes might seem, unfortunately, they are based on real life events.

Shopping online puts scores of stores at your fingertips and gives you the freedom of browsing for products at any hour of the day but it can often be a gamble, especially for shoes and clothes. However, there are precautions you should take, especially when you are paying with your debit card on these platforms. Asides getting the exact thing you ordered, the concern of your account's safety is also very important.

These tips will lead you in the right direction while shopping online with your card.

Happy new month and happy Sallah to our Muslim readers, wish you guys a happy celebration.
The festive period is generally known as a spending period, lots of shopping take place this period most times using the debit or credit card especially this era of cashless policy. While doing the shopping and making different payments, it is very important to note that fraudsters are
looking for lapses and would gladly pounce on any little opportunity that they have.

It is very important to have the transaction platform in mind while trying to initiate any type of transaction. We will quickly look at the 3 major platforms that we use for our day to
day transaction and how to initiate safe transactions on them.

Mobile Banking Platform has always been the lighter version of the Internet Banking
on a mobile device. It does basically the same thing with the Online Banking, you log in to the app to view your app and initiate transactions.

Different banks have different security login features, some banks use the Username and Password option while other banks use PIN and Password option. For the ALAT app, you
login using your unique PIN and Password.

ALAT is Nigeria’s first fully functional digital bank. With ALAT, you can do all your basic banking transactions without being physically present at a bank.

Before we look at the unique features of this app, let’s quickly distinguish between the ALAT and the regular mobile banking app.

ALAT is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. While Mobile Banking App is just an app offering some
banking services, not a full digital experience: for the mobile banking app, you'll still need to go to the bank to get a debit card and activate it, request your account statement, submit
documents and often, to get basic customer support. Whereas you can carry out this request on the
ALAT app.

Mobile Banking Platform is the lighter version of the Internet Banking on a mobile device. It does basically the same thing with the Online Banking, you log in with the same User ID and Password, just that it has its own limitations.
You can only perform a number of transaction on the Mobile Banking Platform, for you to get the full potential of the online banking system, you will need to log on via the Bank’s website to use the Internet Banking Platform.

GTWorld is an upgraded version of the GTBank Mobile App, it’s a Platform that has both your banking and social life in one app, Amazing isn't it? It has some amazing new look features that will blow your mind. We are in the era of
social media, have you ever imagined having one single app that you can initiate both your banking transactions and at the same time get the trending gist on social media.

In this "World", you don’t have to miss a thing anymore.
There are 6 Amazing features of this app that is worth checking out, it is like bringing the 25th Century to our 21st Century World. Let’s check them out.

Knowledge they say is power, whatever you don’t know is way bigger than you are. I walked into a GTBank branch at Ilaje around Ajah area in Lagos, Nigeria to pick up my Debit Card. For those that have visited that branch will understand what I mean when I say the banking hall was as crowded as Oshodi market.

Different customers with different issues on their account, as I was about approaching the Customer Service Officer at the branch for my request, I overheard two different customers saying they were expecting inflow into their account and want to check their account balance if the cash has been paid.

Did you know that the information on your debit card is as important if not more important than your debit card pin? Most people think losing their debit card will not do any harm to their bank account so long they are the only one that knows their card pin. Trust me a fraudster does not need the cardholder’s pin to initiate an unauthorized transaction on the cardholders account, just
with Card PAN, Expiry date of the card and the CVV2, they can initiate any amount of transaction online provided the account is sufficiently funded.

So, when you think your card is no longer in your wallet or it's no longer
where you kept it or the card is with you but you kept on getting debit alert
for transactions done in Lagos when you are in Abuja, don’t panic, that card
has been compromised and needs to be hot-listed(blocked/destroyed).

EMV Chip and Pin card simply put is the type of credit/debit card that requires you to first insert the card into the terminal (ATM, POS etc) then type in your PIN to process transaction. Transactions that are done using the EMV cards are being checked against security certificates and remote pieces of /'account information all along the payment-processing chain.

This starts immediately the card is inserted into the terminal and the chip
begins to “communicate” with the terminal to create the transaction request.
This request is based on a combination of pieces of information found both in
the terminal and on the customer’s card. We will talk about this transaction
process in a bit.

Phishing is the attempt to obtain sensitive information from a 3rd party such as usernames, passwords, and credit/debit card details
(and, indirectly, money), often for malicious reasons, by disguising as
a trustworthy organization in an electronic communication (most cases via mail).

Phishing is usually done via email spoofing or instant messaging, and it often
directs users to enter personal information at a FAKE website, that looks and feels like the real site.

These links supposedly come from  social web sites, auction sites, banks,
online payment processors etc, they may contain links to websites that are
infected with malware.

According to Wikipedia, here are the 10 types of Phishing fraud you should look out
for:

Due to the implementation of the Cashless policy in Nigeria by the Central Bank of Nigeria and the risk in carrying cash around, most people now make use of their Debit and Credit Card for their day to day transactions. Its safer, more convenient and not bulky unlike carrying a huge sum of money for
payments.


Did you know that you account can be defrauded using the information on your card
even when you have the physical card with you? A friend of mine went shopping
some time ago and after that days transaction, he started getting debit
transaction alert for transactions he never initiated. when he informed me of it,
i noticed the debit was for card transactions, meanwhile he had his card with
him when he was getting the alert. So i immediately assisted him in blocking
the debit card and informed him to get a new card.
Whoever made those transactions never had his card with them, they only got the details on the card and used them for online transactions.

Below are 6 very important information on your credit/debit card that you should not
ignore: