Standard Chartered customers lose up to Rs 70,000 due to online transaction error

Standard Chartered customers lose up to Rs 70,000 due to online transaction error

Standard Chartered customers have complained about a major security flaw that has caused them to lose up to Rs. 70,000.

The security issue occurred in the online transactions that did not require a One Time Password (OTP). People have allegedly lost more than Rs. 50,000-70,000.

The issue was brought to light on Twitter by the cofounder of RAPTR games, Habibullah Khan. In his post, he warned all the Standard Chartered users.

Habibullah mentioned that numerous transactions have happened on their own. Moreover, money was withdrawn from his account without any OTP verification. He also revealed that transactions sometimes happen with Uber or Apple Store and he loses money with every transaction.

To back up his claim, Habibullah also attached a screenshot. The screenshot was a piece of evidence that multiple transactions were made to Apple without the requirement of an OTP.

Standard Chartered customers lose up to Rs 70,000 due to online transaction error

The customers are growing concerned as Standard Chartered has itself not admitted to the error or talked about the problem. The bank has only stated that it is investigating the problem but it might take up to 4 months.

Standard Chartered customers lose up to Rs 70,000 due to online transaction error

After Habibullah’s claim, dozens shared their own distasteful experiences. A Twitter user re-tweeted Habib’s Tweet and said that he lost up to 75,600. He also said that a number of other people have experienced the same issue, however, the bank ‘doesn’t seem to care.’

Statement from Standard Chartered

The bank has completely denied the claims of a problem existing in the first place. According to them, their end has no issues and their system remains unaffected. 

“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.”

The bank also mentioned in their statement that it happens if the card is used on an infected device or by non-compliant merchants.

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