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STANDARD Bank has been hit by clever fraudsters in Japan.

by Staff Reporter
23 May 2016 at 14:07hrs | Views
According to a report in Business Day today, a data leak on 15 May resulted in ¥1.4bn (almost R199 million) being stolen from about 1 400 automated teller machines (ATMs) in Tokyo.

Standard Bank said in a statement: "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. The target of the fraud has been Standard Bank and there has been no financial loss for customers.

"Standard Bank has taken swift action to contain the matter and the gross loss to the bank is estimated at R200 million. This is prior to any potential recoveries that may serve to reduce the loss.

It said that authorities are investigating.

According to the Japanese newspaper Mainchichi, cops believe about 100 people were involved in the scam. In each of the almost 14 000 fraudulent transactions carried out, the maximum amount of

¥100 000 (about R14 310) was withdrawn from ATMs using the fake credit cards.

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Source - Japanese newspaper, Mainchichi
More on: #Styandard, #Fraud

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