How secure is USSD code?
Although USSD based financial transactions are more secure and better than SMS, there is still scope for enhancement of specific security requirements namely Authentication, Confidentiality, Authorization and Data integrity to make it the best.
Can someone hack into your bank account with just your account number?
This is very unlikely. With most major online banking portals in the United States, hackers cannot access your account just with an account number and routing number. Typically, they need to have additional details of your personal information to be able to perform the hack.
What if someone used my debit card?
Contact your bank immediately if you see any such uses. You have 60 days from the date of your statement to dispute errors; if you do not, you could be responsible for all the money taken out of your account. Identify in writing the uses that are unauthorized; you may even copy and highlight the ones you contest.
What happens when your bank account has been hacked?
Banks are liable If a hacker steals money from a bank, the customer won’t lose money since the bank is liable to refund money for fraudulent debit transactions. However, it’s important to report fraud as soon as possible, as the bank’s liability decreases over time.
Can the bank trace who used my debit card?
While your bank can track stolen cards, the tracking isn’t perfect. It can generally only track the card if it gets used. Also, since people usually pay when they are on their way out of a retail establishment, it’s reasonable to expect that they would be gone by the time that law enforcement could arrive.
How to use your bank account via USSD?
To get ready to use your bank account via USSD you will first and foremost have to visit your nearest bank branch and get your mobile number registered. After it has been registered, you will be given a Mobile Money Identifier or MMID. Along with the MMID you will have to ask for your personal MPIN.
What is a USSD code?
USSD is characterised by short and combined alpha-numeric (#, 1–9, and *) codes that are used by the Mobile Network. Good example is to check your Mobile Prepaid balance or to initiate a Mobile Top-Up using a USSD Voucher code. Early Mobile Internet Menus were designed around USSD.
What is the use of USSD in mobile phones?
USSD is really an easy method of carrying out cashless transaction. It is the short form for Unstructured Supplementary Service Data. This type of interface has been constructed by the National Unified USSD Platform (NUUP). This type of technology is used by your telecom operator to give you information on your mobile phone.
What is the maximum amount I can send using USSD?
With USSD you can send money as low as Rs. 1. However the upper limit is set at Rs. 5000 per transaction. You will also be charged 0.50 per transaction which will be billed to your telecom operator. It must be noted that the charges have been waived until December 31 st, 2016.