Standard Chartered Bank is under fire after several customers reported unauthorized debit card transactions, raising concerns about a potential security flaw. These transactions, reportedly ranging from Rs. 50,000 to Rs. 70,000, bypassed the usual One-Time Password (OTP) verification process.
HU, a Standard Chartered customer, is one of those affected. He reported unauthorized withdrawals from his account through Apple Store and Uber transactions, all without receiving OTP verification. His case is not isolated, with numerous customers voicing similar experiences on social media.
Despite these reports, Standard Chartered has not publicly acknowledged any security issues with their systems. The bank claims to be investigating the matter, potentially taking up to four months for resolution, citing guidelines set by Visa International.
Standard Chartered’s response further fueled concerns. In a statement, the bank denied any systemic problems, suggesting the issue might stem from non-compliant merchants or compromised user devices. The official statement reads:
“For reasons of client confidentiality, we cannot share any details. We have robust processes and procedures, and our systems have not been affected.”
This explanation has failed to appease affected customers. They continue to report unauthorized transactions and financial losses, prompting dissatisfaction with the bank’s response.
The situation underscores the importance of robust security measures and clear communication during such incidents. Standard Chartered will need to address customer concerns and provide a transparent investigation to regain trust.
