{"id":296636,"date":"2019-02-01T08:16:59","date_gmt":"2019-02-01T06:16:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=296636"},"modified":"2019-02-01T08:16:59","modified_gmt":"2019-02-01T06:16:59","slug":"standard-bank-employee-arrested-for-stealing-over-r1-million-in-card-clone-scam","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/296636\/standard-bank-employee-arrested-for-stealing-over-r1-million-in-card-clone-scam\/","title":{"rendered":"Standard Bank employee arrested for stealing over R1 million in card clone scam"},"content":{"rendered":"

The Hawks\u2019 Serious Commercial Crime Investigation unit has arrested a 47-year-old Standard Bank employee for allegedly defrauding a bank client of over a million rand.<\/p>\n

In a statement<\/a><\/strong>, the Hawks said that the consultant – who is employed by Standard Bank in Musina – allegedly invaded a client\u2019s bank account in early January and fraudulently transferred sums of money into different fictitious accounts.<\/p>\n

Her fellow syndicate members would then allegedly make withdrawals from these fictitious accounts.<\/p>\n

The Hawks said that its investigation has uncovered that the consultant allegedly authorised replicated bank cards with a valid pin code on the victim\u2019s account to enable the looting to appear as if it was the client\u2019s transactions.<\/p>\n

It added that the suspect is likely to face charges of fraud\u201a money laundering and contraventions of Electronic Communications and Transactions Act.<\/p>\n

It has also announced the possibility of further arrests.<\/p>\n

Fraud<\/strong><\/p>\n

According to the South African Banking Risk Information Centre’s (Sabric’s) latest card fraud statistics,\u00a0debit and credit card accounted for\u00a0R342.2 million and R436.7 million being stolen in 2017 respectively.<\/p>\n

One of the biggest contributors is counterfeit card fraud which led to\u00a0R83.6 million being stolen in 2017, the group said.<\/p>\n

Counterfeit card fraud is perpetrated with a card that has been illegally manufactured using information stolen from the magnetic strip of a genuinely issued card.<\/p>\n

“In some instances, lost, stolen and old cards are re-encoded with information stolen from a genuine card for purposes of committing counterfeit card fraud,” Sabric said.<\/p>\n

“The information needed for counterfeit card fraud is usually stolen through card skimming.”<\/p>\n

\n

Read:\u00a0Discovery will start rolling out its banking app to customers in March \u2013 here\u2019s what to expect<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Hawks\u2019 Serious Commercial Crime Investigation unit has arrested a 47-year-old Standard Bank employee for allegedly defrauding a bank client of over a million rand.<\/p>\n","protected":false},"author":10,"featured_media":291262,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,499],"class_list":["post-296636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/296636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=296636"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/296636\/revisions"}],"predecessor-version":[{"id":296654,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/296636\/revisions\/296654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/291262"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=296636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=296636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=296636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}