Standard Bank Stripped Of 300 Million

Standard Bank Strpped Of 300 Million

Standard Bank Stripped Of 300 Million: An internationally co-ordinated fraud attack involving forged bank cards used at ATMs in Japan has stripped Standard Bank of about R300m. Standard Bank and authorities remained mum on the progress of investigations and the whereabouts of the syndicate. Spokesman Ross Linstrom of Standard Bank, which made just more than R22bn in headline earnings across the group in 2015, said on Monday a sophisticated and co-ordinated syndicate had created a “small number of fictitious cards” and proceeded to draw a total amount of R300m from ATMs in Japan. He said investigations were at a sensitive stage, but that bank customers would suffer no adverse effects if their details had been stolen and used in the Japanese fraud.

The fraud fits an international trend involving hit-and-run withdrawal schemes in which fraudsters may be jetting into countries in different time zones to buy themselves time to collect the cash and run. The South African Banking Risk Information Centre confirmed the Standard Bank matter was under investigation, and CEO Kalyani Pillay said the local industry would provide full support to both the bank and law enforcement, where possible. “Identity fraud is declining, and the main reason is the use of biometrics,” he said. Van Schalkwyk said banks were making use of various databases and methods to try keep up with and combat such fraud, as criminals continued to evolve their modus operandi.

Standard Bank Stripped Of 300 Million

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