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

Professor Basie Von Solms, Director of the Centre for Cyber Security at the University of Johannesburg, said the theft of thousands of Standard Bank credit card details may have been an inside job.

In May, Standard Bank was the victim of a sophisticated fraud incident, where around R300 million was stolen through credit card fraud.

The crime involved the withdrawal of cash using fraudulent credit cards at around 1,400 ATMs in convenience stores in Japan.

Standard Bank has kept mum on how the criminals obtained the credit card details.

Inside job

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.

Standard Bank was asked for comment regarding the leak, but the bank said it has “no further comment beyond the statement we have issued“.

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