security flaw

Standard Chartered Bank appears to have recently encountered a major security flaw, in which customers of the bank 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 security flaw was reported on Twitter by the cofounder of RAPTR games Habibullah Khan.


Due to a Security Flaw, Multiple Transactions Occur Without OTP Verification


According to Habibullah, multiple transactions have happened automatically through his Standard Chartered debit card, and money was withdrawn from his account without any OTP verification.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 states his claim with a screenshot that shows several online payments made to Apple without submitting an OTP.



Moreover, 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”. The below-mentioned screenshot shows that Habibullah is not the only victim of this issue as dozens of others have reported it on social media.



Standard Chartered Claims That There is No Problem on Their End


Standard Chartered, on the other hand, has said that there are no problems on their end and their systems remain unaffected. The bank claims that it only happens with non-compliant merchants or if a card is used on an infected device. The official statement from Standard Chartered states, “For reasons of client confidentiality we cannot share any details. Rest assured, we have robust processes and procedures in place and our systems have not been affected.”


Read more: State Bank of Pakistan is Now Restricting the Outflow of Dollars


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