If You Are Using USSD Codes For Your Banking Transactions, This Information Is For You

If You Are Using USSD Codes For Your Banking Transactions, This Information Is For You


I know that majority of us do enjoy the online mobile banking platform on our phones which makes us carryout transactions easily without entering the banking hall but in as much as there are lots of advantages to it, it's disadvantages are painful too and I'm a victim of this act.

On Friday, 5th June, 2020, I was heading home from my office and boarded a mini-bus from P and T, Okpara Avenue Enugu, although two (2) female passengers alighted from the bus before I entered. On getting to subway, the lady, they were carrying at the front seat alighted too, then before getting to the CBN building, opposite that junction heading to Enugu Sports Club, I was robbed in the bus by the driver and conductor and was persuaded to alight from the vehicle without knowing that my phone has been snatched from my bag, although I thank God I wasn't hurt. When I checked the time, it was 4pm, so I couldn't go to my bank because they have closed and couldn't go to MTN office since the dismiss by 2pm too.

On Saturday, 6th June, 2020, I went to MTN Office to do welcome back pack since I have lost the line, I succeeded in getting a new line but when I got to the ATM to withdraw money for a new phone, I discovered the robbers have exhausted the cash in my account. I was wondering how it could be possible because they needed my pin to carryout any transaction which they didn't have. They emptied my FirstBank Account and was trying to do the same in my Access Bank account but for the timely intervention of Access Bank Head office, they freezed my account when they noticed the transactions going on there weren't performed by me. By the time I got to my banks on Monday, I asked them how it happened, that was when I noticed how porous the USSD codes are. They had to buy airtime with my sim of #1000 until the account was exhausted and switched to buying #2000 airtime from my Access Bank account till it was blocked which I'm grateful for. I was broken because they made away with lots of money that I have been saving for a project. Based on that, I decided to share it here so that people won't fall a victim to these schemes.

1. If your bank doesn't ask you of pin when purchasing airtime on your line, you can end up losing your money if your phone/sim is stolen. My advice is block the USSD code option in your bank to avoid stories that touch. That was why they couldn't access the cash in my UBA Account which I'm applauding UBA for. If you must carryout a transaction with your phone, It's safer to use your bank's mobile application.

2. When you notice you have been robbed, contact your network carrier to block services on the sim card and also commence service retrieval processes.The reason is once an airtime is purchased with your sim and transferred to another sim, the bank can't trace it because it wasn't a bank to bank transfer. What they do is send the money to another line that will send them the cash equivalent of the airtime sent to them. The platforms can be Zoranga, Aimtoget etc. If you can't get to office of your network provider, you can use any phone to call the customer care of your network carrier and they will block the sim.

3. Contact your bank as soon as possible. If you can go to your bank and ask them for the number you can call when your line is stolen so that they can block any transaction on your account, that will be nice. Inform them about the state of your phone and instruct them to temporarily restrict the number from carrying out any transactions till you retrieve your phone or number. This is important in Nigeria as phone thieves can gain access to your Bank Verification Number (BVN) by dialing a USSD code from your sim. Combine this with your email and SMS bank alerts, they can launch a social Engineering campaign to swindle you, your bank, your place of work or your family and friends.

I don't wish your phone/sim to be stolen but in case it is stolen, you may not recover your phone but you can be rest assured your money is safe because I'm going through a lot of trauma now. Don't feel less concerned because it hasn't happened to you, take necessary precautions now.

Thanks for reading.

Stay Safe.


Credit: Mr Chi


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