Hackers Can Still Compromise Your Bank Account, Withdraw Money From it, Even if Device is Locked

Most Nigerians and mobile phone users all over the globe usually lock their phones, thereby making it difficult for anyone to have access to information in them, particularly their account details.

Hackers Can Still Compromise Your Account, Withdraw Money From it, Even if Device is Locked
Source: Makeuseof.com

In a report by VanguardNGR, a suspected telephone hacker, Dare Oladimeji, who is a Senior Secondary School Certificate holder who was arrested recently by operatives of the Special Anti-Robbery Squad, Ladipo, Lagos, revealed that such measure (such as putting passwords to phones to prevent intrusion) does not prevent him and his likes from gaining access into any bank account if they laid their hands on such phones.

The suspect according to the report boasted that money could still be withdrawn from a bank account through stolen sim card, no matter the code used to prevent one from accessing the phone.

“I work on sim cards to get money. When I lay my hands on any sim card, I would slot it into any small phone that is not adroid. When that is done, I would press a code which brings out the list of banks the owner of the sim uses."

How Money is Withdrawn From Stolen Sim Cards 

Funds can be withdrawn from stolen sim cards through Banks normal Unstructured Supplementary Service Data (USSD) Codes.

For example, if the victim uses Guaranty Trust Bank, hackers dial GTB's Mobile Banking Code for mobile and instant recharge - *737*amount# on the victim's phone, to purchase recharge card.

If the victim's account has money, debit alert message that pops up will confirm available balance.

Thereafter, money will be transferred into donors or bank accounts, and money will be withdrawn.

This latest revelation shows that locking of phones with password does not stop bank accounts from being compromised or hacked into. 

What To Do When Security is Breached or Phone is Stolen 

 In the case of theft or your smartphone or feature phone is stolen, contact your bank with immediate effect to report the situation and lock your bank account.

Be Security Conscious!!

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