R300-million Standard Bank credit card theft may have been inside job: Expert

ashfaak

Well-Known Member
Joined
Jan 5, 2010
Messages
330
I thought it was related to SWIFT somehow. Sort of relevant video:
[video=youtube;YmZdgZgNBKc]https://www.youtube.com/watch?v=YmZdgZgNBKc[/video]
 

Geoff.D

Honorary Master
Joined
Aug 4, 2005
Messages
12,839
The original article as updated said the following:

"This involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan,” said Standard Bank’s Ross Linstrom.

“The target of the fraud has been Standard Bank and there has been no financial loss for customers.”
This later article states:

Speaking on RSG, Von Solms said the theft may have been an inside job, where a Standard Bank employee had access to the credit card information of clients and sold it to a criminal syndicate.

He said there is speculation that the criminals captured the credit card details with skimmers, but Von Solms dismissed this option because of its complexity and difficulty.

He said it is unlikely that the criminals broke into Standard Bank’s systems, because local banks were well protected against hacking.
Having dealt with persons involved in bank security in the past, I am not surprised when he used the word "may" because generally speaking person in the game are very cautious about anything they say.

What is wrong with the above report, is the words in red. Putting the two statements together is confusing because the original statement said " fictitious cards" which I interpreted as meaning "not yet issued to clients but perfectly valid cards awaiting activation" . certainly someone in the bank who has access to the info of clients would also be able to access card numbers not yet activated? So that is a possibility.

If this is so then the cards could not have been "skimmed". But then if the numbers were just in a database, then it does point to an "insider job" which led to the numbers being "leaked".

So why the attacks on the Prof?
 
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Totempole

Expert Member
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Sep 21, 2011
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3,793
Professor Totem Van Poles said: "If Standard Bank had simply scratched off the CVV numbers of all of their credit cards, this whole mess could have been avoided." :rolleyes:

True Story. ;)
 

yebocan

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Sep 22, 2005
Messages
10,695
Reminds me of that expert Oscar's defence team called up...
 

access

Executive Member
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Mar 17, 2009
Messages
9,945
Professor Totem Van Poles said: "If Standard Bank had simply scratched off the CVV numbers of all of their credit cards, this whole mess could have been avoided." :rolleyes:

True Story. ;)
lol, an online transaction secret pin and an ATM secret pin does make sense though...

instead of all the online transaction details being on the card, might as well print the ATM pin on it too then.
 
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