Standard Bank cards used in R300 million fraud operation

The South African banking operations of Standard Bank Group have been the victim of a sophisticated, coordinated fraud incident.

“This involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan,” said Standard Bank’s Ross Linstrom.

“The target of the fraud has been Standard Bank and there has been no financial loss for customers.”

Standard Bank said it has taken action to contain the matter, and the gross loss to the bank is estimated at R300 million.

“This is prior to any potential recoveries that may serve to reduce the loss,” said Linstrom.

He said the authorities have been alerted and that investigations are at a sensitive stage.

More on leaks

Gupta company asks Zuma for help: leaked letter

South African company exposed in Panama Papers global data leak

Zuma’s nephew features in massive global data leak of the rich and famous

Hackers leak SA government’s sensitive financial data

Must Read

Partner Content

Show comments

Trending Now

Follow Us

Standard Bank cards used in R300 million fraud operation