Standard Bank to absorb losses from Japan fraud
- MONEY
CAPE TOWN, 23 May 2016 - Cloned credit cards were reportedly used to withdraw cash from ATMs across Japan in a coordinated operation. eNCA speaks to forensic executive at ENSafrica, Steven Powell for more insight. Video: eNCA
JOHANNESBURG – Standard Bank customers will not be affected by the ATM fraud in Japan, the bank has confirmed.
On Sunday, the Japanese daily The Mainichi reported that $12,7-million (about R197,6m) was withdrawn from about 1,400 ATMs across Japan using fake credit cards on May 15. Other reports estimated the loss to the bank at around R300m, but eNCA was unable to confirm exact amounts involved.
“The target of the fraud has been Standard Bank and there has been no financial loss for customers,” Standard Bank spokesperson Ross Linstrom said in a statement on Monday.
"The South African banking operations of Standard Bank Group have been the victim of a sophisticated, co-ordinated fraud incident. This involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan," he said.
"Standard Bank has taken swift action to contain the matter and the gross loss to the bank is estimated at R300m. This is prior to any potential recoveries that may serve to reduce the loss.
"The relevant authorities have been alerted. Investigations are at a sensitive stage and further information will be provided as appropriate."
"Standard Bank has taken swift action to contain the matter and the gross loss to the bank is estimated at R300m. This is prior to any potential recoveries that may serve to reduce the loss.
"The relevant authorities have been alerted. Investigations are at a sensitive stage and further information will be provided as appropriate."
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