Kenya Commercial Bank (KCB) has issued a statement reassuring depositors that their money is safe after a security breach for one of the bank’s account holders led to social media meltdown.
The account holder lost all his savings when third parties accessed his banking credentials and used them to withdraw funds from his account.
“All the transactions where happening on his Internet banking platform using his credentials of which the bank has no view of,” reads the statement from KCB.
The customer had lost use of his personal mobile line that was specified as the delivery channel for his Transaction Authorization Number (TAN) for second level authentication. On logging to transact, say withdraw money, a unique transaction number is generated for every transaction which is sent separately to the phone. You then key in this code to continue transaction.
However, in the case of Mr. Ateka, having lost custody of his mobile line, the scammers then used it to receive his TAN and clean his account.
“What the bank provides are multi-level security measures to protect the customer which unfortunately will not work if you release your confidential credentials to a third party”.
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