Standard Bank loses R300 million ZAR in credit card scam

Standard Bank has confirmed it has been the victim of a credit card scam in which an estimated R300 million ZAR has been lost.

Standard Bank has officially confirmed that it has been defrauded by a credit card scam involving several banks in Japan.
The loss to the bank – which is estimated to be over R300 million ZAR – was instigated by a group withdrawing cash through the use of several fictitious cards in Japan.
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In a statement, the firm confirmed that “œThe 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. The target of the fraud has been Standard Bank and there has been no financial loss for customers.”
Japanese media have reported that more than a thousand ATMs were made use of in a space of two hours to facilitate the enormous withdrawal.
While the number of transactions or persons involved is yet to be determined, sources have alleged that over 100 people are indicated to have been involved in over 14,000 transactions that saw the use of 1,600 credit cards.
South African authorities have yet to provide comment, while other banks have  yet to issue statement as well. FNB has clarified that it has not been affected.
According to Japanese newspaper Mainchichi, Japanese police are set to work with South African authorities through Interpol to investigate the theft.
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What are your thoughts on Standard Bank’s R300 million ZAR loss? Has the development shaken your trust in your bank? Be sure to let us know your opinion in the comments below!
Follow Bryan Smith on Twitter: @bryansmithSA