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It is possible to take money out of your account without OTP and without your PIN. I still made payment for my subscription to a UK professional body last month and all that they asked for was the numbers on my card, in seconds the fee was deducted. #Thread
I don't know what technology was used but I was not surprised because I once handled a case where a retiree's account in Ekiti was debited to the tune of over 11 Million. He claimed he had his card with him and didn't give ti anyone. His case was interesting because...
He complained at the bank after the first few notifications of about 200k and one would expect that the transactions will stop and the card blocked. But no, for the next 4 days he was receiving notifications until the debits was over 11 million....
When we got the file the first fear was that the bank will be liable for the subsequent debits after the customer lodged the complaint. But the bank brought some Master Card books and rules. That was when I got to understand the difference between transaction date and value date
Imagine watching money leave your account for 4 days straight and there was nothing you could do. The bank could not stop it either....
Studying the account statements, I discovered that while the bank blocked the card upon complaint, that the perpetrators had done transactions to the tune of over 11 Million before the man started getting the notifications and thus upon such transaction the money in his account
Was blocked to honour the transactions already done. According to the Master Card rules, the bank has the obligation to honour the transactions first then will later work with the account owner to go after the perpetrators....
So it was a state of helplessness. The transactions already carried out must be honoured. Note that they didn't do any cash transactions. They didn't use POS at a mall or anything like that. They did offshore transactions, betting platforms to make it hard to trace...
So basically the gap between the date the man lodged his complaint and the notifications was basically the gap between the transaction dates and value dates....
Unfortunately the lawyer that filed the suit for the man had little knowledge of what actually transpired and the bank's defence is always that you must have comprised your card/PIN. To prove otherwise is serious work and expense. The case was one for well over 3 years...
And it was not concluded as at that time I left the firm. Bottom line is once you do internet banking of any sort, there is risk involved. I don't have a card on my actual savings account. We know the justice system is slow to the point of frustration most times.
I have done 2 ATM fraud cases representing the bank and the customer failed in both cases even though we know what really happened, but you must prove that you didn't compromise your card. One case I know has spent at least 8 years in court and the amount was 450k...
Case never finish. I pity the man cos all he had was that 450k which he was using for business.
UPDATE: The retiree man lost the case as anticipated. The piece of evidence used against him was that the card was in his possession when the money was moved. Like I said his lawyer had no idea U could move money without PIN. Court will only act on evidence. Be safe guys.
