CYBSEC.NG: Bank Upgrades – Should I take My Money out Of GTB & Access Bank ? What are the Risks

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After Being Scammed Many Times By Banking Staff I am certain this a is GREAT opportunity for Scammers Who are Bank Staff & External Collaborators . A Banking Software Upgrade Many people Do not Know of . IF 5 Naira is deducted from 1000 Accounts that is 5,000 Naira imagine if 100 naira is Deducted ?

This concept is from Disaster Recovery & Business Continuity plan Processes but in this case this is not a Disaster

Many Many people are Not Aware of This Upgrades Access Bank Psotponed Theirs But Today GTB Begins its own .

A business continuity plan (BCP) and a disaster recovery plan (DRP) are both strategies to help a business continue operating after a disruptive event, but they have different goals and focus areas:

BCP

A BCP is a comprehensive strategy that covers all aspects of a business, including IT systems, data recovery, personnel, physical facilities, and critical processes. The goal of a BCP is to ensure that a business can continue its essential operations during and after a disaster.
DRP

A DRP is a formal document that provides detailed instructions on how to respond to unplanned incidents, such as natural disasters, power outages, and cyber attacks. The goal of a DRP is to minimize the impact and duration of a disruption to business operations, and to restore critical data and applications. DRPs typically focus on the information technology environment.

For an effective response to any contingency, it’s important to develop both a BCP and a DRP separately but in a coordinated way. For example, if critical software fails, a DRP would be activated to restore the technological infrastructure, but a BCP would not necessarily be activated if the incident doesn’t affect general operations

This is a BCP

By Abi John Balogun CEO CYBSEC.NG

Personally What i did was to Make a Note of My Account Balances

Screenshots of Internet Banking Balances & Bank Statement Printouts for the Last One week
Stopped sharing My Account for Inflows Over This Weekend
Moved Some To other Banks just in case The Nigerian Factor and systems Crash etc Very Unlikely From a Bank Like GTB GTCO

But then as a Veteran of Uprades and Upgradation as My Fellow Indian IT Gurus say

Many Things Can Go Wrong during a backup and restoration but rest assured

This upgrade should have already been done in a “Clone Environment” and A “Super Hash Generated” for Different Dates

This will have all the Data signed off as CORRECT for those Dates

so last Week hash . Monday has a Hash

and Time Zero That is Today has the last Hash 12pm

Which is When All incoming Transactions that obey the Credit Debit Rule go into Purgatory to be Resurrected Later .

The banking must go on somehow in ideal Circumstances if The Bank Switches to only Digital Credits and Debits

But Physical Banking is Stopped . No Customers walk into the Banks Branches but the Tree must keep Living 🙂

see more about our concept of a super hash below

If GTB (Guaranty Trust Bank) and Access Bank in Nigeria are undergoing banking software upgrades, it’s natural to have concerns about how it may affect your funds, particularly in terms of accessibility and security. Let’s break down the situation and address your questions.

1. Should You Take Your Money Out?

In most cases, you don’t need to take your money out of the bank just because they’re upgrading their software. These upgrades are typically aimed at improving security, customer service, and overall banking operations. However, disruptions during the upgrade can happen, such as:

Temporary downtime of online banking services (e.g., mobile apps, ATMs, and internet banking).
Transaction delays due to system transitions.
Possible customer service issues due to system glitches.

Generally, banks take steps to mitigate these disruptions, and your deposits should remain safe throughout the process. Nigerian banks, including GTB and Access Bank, are regulated by the Central Bank of Nigeria (CBN), which mandates certain standards and ensures the safety of customer funds.

2. What Are the Risks of Leaving Your Money During an Upgrade?

Here are some risks you might face if you leave your money in the bank during an upgrade:

Service Interruptions: During the upgrade window, you might experience periods when you can’t access your funds, especially via digital banking platforms (internet, mobile apps).
Failed Transactions: Transactions could fail or experience delays during the upgrade, which might be inconvenient if you need funds urgently.
Customer Support Bottlenecks: If something goes wrong during the upgrade, like account errors, there might be a temporary backlog in customer support, leading to longer resolution times.

However, security risks or the loss of funds are extremely rare during these upgrades. Banks usually carry out extensive planning and testing before rolling out new software to minimize such issues.

3. Should They Have Told You?

Yes, banks should communicate clearly with their customers about any significant software upgrades, especially if it may result in service disruptions. Most banks typically do this via:

Emails or SMS notifications to their customers.
Social media updates on platforms like Twitter and Facebook.
Website announcements and push notifications in banking apps.

The purpose of these notifications is to ensure customers are aware of potential disruptions and plan their financial activities accordingly. If GTB or Access Bank hasn’t informed you and you experience issues, that’s a cause for concern, as clear communication is standard practice.

4. Is It Common Practice?

Yes, software upgrades are quite common for banks worldwide, especially as they strive to:

Improve security to guard against increasingly sophisticated cyber threats.
Enhance customer experience by making online and mobile banking services more user-friendly.
Ensure compliance with new regulations and fintech advancements.

Nigerian banks are no exception, especially with the rise of digital banking in the country. Upgrades help maintain the competitiveness of banks and provide customers with more efficient and secure services.

What Should You Do?

Monitor Announcements: Keep an eye on official communication from your bank. If they announce downtime, plan ahead by withdrawing cash or completing necessary transactions in advance.
Keep Backup Payment Options: During the upgrade window, it’s wise to have alternative ways of accessing funds (e.g., having a second bank account, mobile money wallet, or physical cash) just in case you experience access issues.
Contact the Bank: If you’re concerned and haven’t received any communication, reach out to the bank directly through customer support channels to inquire about any potential system upgrades.
Stay Informed: If you regularly use digital services, it’s worth knowing about these upgrades in advance to avoid inconvenience. Check your bank’s social media handles for the latest updates.

In conclusion, while temporary service disruptions may occur during a banking software upgrade, your funds are generally secure in a regulated institution like GTB or Access Bank. It’s more about preparing for potential access issues than removing your money from the bank. If your bank hasn’t communicated the upgrade, it’s worth reaching out to ensure you’re informed and ready for any possible inconveniences.

A hash is a variable constant that says X=X1=X2 the State of the Bank X Total General ledger is = X

so whenever the systems is upgraded at a time T the value of Total Balances will be Equal EVERTIME ! hopefully this wil help but lets use laymans terms

There can be no discrpancies