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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says that multiple transactions have happened automatically through his Standard Chartered debit card and money was withdrawn from his account without any OTP verification.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.
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”.
