As the biggest bank in South Africa, Standard Bank is a trusted financial institution. Millions of South Africans rely on the bank to provide convenient, quality financial solutions.
What you need to know about credit card fraud: Standard Bank:
While the bank strives to provide its clients with secure banking facilities, it was recently in the headlines for all the wrong reasons.
In May 2016, Standard Bank confirmed that it had been a target of fraud in Japan.
“The South African banking operations of Standard Bank Group have been the victim of a sophisticated, co-ordinated fraud incident,” Standard Bank said.
“This involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan. The target of the fraud has been Standard Bank and there has been no financial loss for customers,” the bank added.
ATM data suggested that information from 1600 credit cards issued by a South African bank was used. It was later revealed that fake credit cards were cloned from the information of 1600 Standard Bank customers in South Africa.
The fraudsters managed to withdraw the total equivalent of R300 million in Japanese Yen.
While credit card fraud is on the rise on a global scale, there doesn’t seem to be a specific reason as to why Standard Bank was targeted.
Kalyani Pillay, the chief executive of the South African Banking Risk Information Centre said there is no obvious reason why Standard Bank was targeted.
Safety Tips to avoid becoming a victim of credit card fraud: Standard Bank
- Never leave your card lying around
- Remember to sign the voucher produced by merchants for all purchases
- Never let your card out of your sight
If you are a victim of fraud or your card is lost or stolen, contact the Standard Bank Lost Card Division on 0800 020 600.
The bank also has a dedicated line for reporting online fraud: 080 022 2050
For Card Division general enquiries, call: 0861 201 000