Standard Bank warns about new scam targeting customers

Standard Bank has issued a warning about an ongoing scam targeting its customers.

In an SMS sent to customers on Wednesday (18 July), the bank said that the fraudsters were impersonating UCount Rewards as well as members of Standard Bank’s Fraud Department.

It noted that the fraudsters were specifically requesting one-time passwords (OTPs) to perform online transactions, adding that it was important that no customers should ever share their OTP, the number on the back of their cards, or the expiry date.

Speaking to BusinessTech, Standard Bank said that the fraudsters did not gain access to customer’s sensitive data from the bank.

It added that it had a number of security measures in place to protect customers, and that it would continue to create awareness around these scams to deflect criminals away from its customers.

“The bank is reiterating in this awareness message that we will never ask our clients to share pins or one-time passwords when interacting with them telephonically,” it said

“Standard Bank’s notification capability notifies our customer immediately of transactional activities. Additionally, our fraud detection capability flags for anomalous activity.”

“Customers should reject these calls and rather call Standard Bank directly to validate before being scammed.”


Card Not Present fraud

According to the latest South African Banking Risk Information Centre (Sabric) card fraud statistics, Card Not Present (CNP) fraud is still the leading contributor to gross fraud losses in South Africa.

CNP fraud is a fraudulent transaction where neither the card nor the cardholder is present whilst conducting the transactions.

The report found that there increase of 7.4% of CNP fraud in South Africa compared to the previous year, accounting for 72.9% of the losses on SA issued credit cards.

In addition there was a massive increase of CNP debit card fraud (60.7%), due to certain banks allowing online Card Not Present transactions on debit cards

Read: Standard Bank CEO scores R48 million payday

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Standard Bank warns about new scam targeting customers