Exclusive: How UBA customer loss funds ‘via ATM’ to fraudsters without OTP

Exclusive: How UBA customer loss funds ‘via ATM’ to fraudsters without OTP

Before now, if anyone had told me that a bank credit card can be debited without One-Time Password (OTP), I did have argue it with every drop of blood in me.

Apparently, A close associate lost his bank credit card, on 25th December, 2021.

Owning to the holiday, he couldn’t get to the bank to blocked the card.


On 28th December, he got a debit alert of five thousand naira (#5,000) only. By the way, he bank with United Bank for Africa (UBA).

While still trying to figured out what was going on, another debit alert pop up, then, another one.

Luckily, he was having six thousand naira as balance.

Funny enough, the fraudster make the withdrawal via a betting platform, SportyBet.

After a little research, I did found out that, with 2D secure authentication, PIN or OTP will not be needed while making an online payment. It will only be required in 3D secure authentication

So, in 2D secure authentication, all the fraudster will be asked for are; CVV or expiry date etc. to authenticate the credit card and in 3D case, PIN or OTP is asked.

To protect customers, Reserve bank of India (RBI) has forced all the payment gateways which are working in India to follow the 3D secure guidelines. So, if you are making payment in India then OTP or PIN  (or any other authentication method) is required for the credit card payment.

Now, imagine if my close associate had more balance or business funds, right in there, he would have been thrown into chaos.

And again, why is the Central Bank of Nigeria (CBN) not giving a nod to the 3D secure authentication?

Regardless, I urge you to be vigilant in 2022.

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