Standard Bank hit by R300 million credit card fraud

The 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,” said Standard Bank’s Ross Linstrom.

“The target of the fraud has been Standard Bank and there has been no financial loss for customers.”

Standard Bank said it has taken action to contain the matter, and the gross loss to the bank is estimated at R300 million.

“This is prior to any potential recoveries that may serve to reduce the loss,” said Linstrom.

He said the authorities have been alerted and that investigations are at a sensitive stage.

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Standard Bank hit by R300 million credit card fraud