Standard Bank clarifies ‘security breach’

Standard Bank says that there has been no breach of its system despite customer concerns emerging online.

Many Standard Bank customers on Twitter/X, including Comrades Winner Gerda Steyn, said that they had been victims of fraud and could not access the bank’s call centre.

Standard Bank said that there has been no breach of its system.

However, it has apologised to its customers for the delayed response when calling its call centre, which it said was due to a spike in month-end transactions.

For those not able to reach the call centre, it said that customers can use the App or Internet Banking to report Fraud or manage their cards or card payments.

Customers can also visit the Standard Bank’s Security Centre for details and tips to help avoid fraud.

The bank also offered the following tips:

• Password Best Practices:
  • Use strong passwords for all your online accounts.
  • Consider using a password manager to securely store and manage your passwords.

• Multi-Factor Authentication (MFA) and Biometrics:
  • Enable MFA wherever possible to add an extra layer of security.
  • Biometric authentication (such as fingerprint or facial recognition) enhances account protection.

• Combat Social Engineering:
  • Be cautious of unsolicited calls, emails, or messages asking for personal information.
  • Verify the legitimacy of requests before sharing sensitive data.

• Contactless Payment Methods:
  • Use contactless cards or mobile wallets for secure transactions.

• Precautions with Public Wi-Fi:
  • Avoid conducting sensitive transactions over public Wi-Fi networks.

Read: Warning over ‘synthetic’ identity theft in South Africa