Standard Chartered suspends ‘Add Money’ from MFS apps
The Standard Chartered Bangladesh (SCB) yesterday suspended the
"Add Money" option from mobile financial services (MFS) apps due to
security concerns amid users on social media platforms reporting alleged fraud
using the feature recently.
"Dear
valued client, you may transfer funds to MFS bKash via the SC Mobile app at any
time. Please note, the Add Money option from MFS apps is temporarily
unavailable to ensure secure transactions," the foreign lender informed
customers through text message.
The move comes as various users alleged that they were victims
of fraud attacks which used the said option to transfer money from credit cards
issued by the banks.
"It
has come to our attention that cardholders of several banks are falling prey to
fraudsters who are initiating fund transfer from MFS channels (e.g. bKash,
Nagad) and transferring funds from credit card," Luthful Habib, head of
Wealth and Retail Banking at the bank, told The Daily Star yesterday.
"A
few of our cardholders were also impacted, and we have spoken to each one of
them and assured them that Standard Chartered Bank systems, including our
internet banking platforms, and security protocols have not been compromised in
any way," he added.
The
StanChart official continued that these reported fraud cases have been reported
to regulators and law enforcement authorities for further investigation.
"We will stand by our clients and support them if any additional
information on the issue surfaces."
Meanwhile,
he said, "The 'Add Money' feature originating from other platforms has
been suspended temporarily, to ensure that all our customers' transactions are
processed through the most secure and trusted channels. Our state of the art SC
Mobile app and iBanking remain as the most secure encrypted platform to
transfer funds."
"At
Standard Chartered, safeguarding our customers' trust and financial security is
our topmost priority. Our customers can continue to transfer funds to
their BKash wallet by using the SCMobile app or iBanking platforms," Habib
added.
Over the
last few days, several other StanChart users have reported to being victims of
fraud attacks on Facebook and LinkedIn.
"A
few days ago, 50,000 taka suddenly disappeared from my Standard Chartered Visa
credit card. How? On August 26, at 7:43 pm, two OTP messages arrived on the
phone. Immediately after that, [I received a] message that 50,000 taka [was]
added to bKash from my card," one user wrote in a Facebook status on
September 4.
"From
the time the OTP arrived, this transaction took a maximum of 20 seconds or
less. No one asked me for the OTP. My phone was in front of me, my computer in
front of me. Just the OTP arrived, and then the money transfer was done,"
the user added.
Several
other users made similar allegations.
Following
the emergence of such allegations, StanChart alerted customers through text
messages regarding attempted fraud attempts.
"Stay
Alert! Be mindful of security measures, including your personal credentials,
OTP, CVV, devices, and protection against malware, to safeguard your online
transactions. Your caution is the best protection," yesterday's text
message read.
It went on
to state that "the 2 Factor Authentication is in place to ensure security
and validation for all online transactions."
"All
the systems and processes of StanChart Bangladesh are functioning seamlessly to
safeguard your finances. To ensure this, please keep your devices and passwords
protected from any unknown software or malwares," it added.