Standard Chartered Bank seems to be experiencing a serious security breach at the moment. People are said to have lost between Rs. 50,000 and Rs. 70,000 as a result of a simple security weakness that confirms online transactions without needing a One Time Password (OTP).

Habibullah Khan, cofounder of RAPTR games, reported the problem on Twitter.

1/n There is a serious security issue at Standard Chartered Pakistan @StanChartMENAP – If you are a Standard Chartered Customer or know a Standard Chartered customer please read this.

In a matter of minutes people have lost 54,000 to 72,000 rupees pic.twitter.com/8R5bM0Vnma
— Habibullah Khan (@Huk06) July 26, 2022

According to Habibullah, many transactions occurred automatically using his Standard Chartered debit card, and money was removed from his account without any OTP verification. He claims that transactions with Apple Store or Uber occur on occasion and that he always loses money.

The withdrawals typically happen in multiple transactions on your debit card. Transactions often happen on the Apple store. Sometimes on Uber. THERE ARE NO OTP's for you to enter!!! You just lose your money *BOOM* – This has been happening for months and Standard Chartered… pic.twitter.com/xubksgxUN5
— Habibullah Khan (@Huk06) July 26, 2022

Also Read: The next smartphone camera from Samsung will have a resolution of 450 MP .