Banking giant, Standard Bank Group, has confirmed reports that it fell victim to a Japanese fraud syndicate which saw the bank lose millions of rand two weeks ago.
According to reports from Japanese news outlet, The Mainichi [https://mainichi.jp/english/articles/20160522/p2g/00m/0dm/044000c], the fraud saw $12.7-million (about R199-million) in cash stolen from about 1 400 ATMs in convenience stores across Japan in the space of two hours on 15 May.
Furthermore, Japanese authorities suspected that the stolen money at the ATMs was withdrawn using fake credit cards containing account information leaked from a South African bank, confirmed to be Standard Bank.
In a statement released by Standard Bank, the banking group said, “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.
“Standard Bank has taken swift 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.”
The Japanese news outlet also stated that that country’s police would work with South African authorities through the International Criminal Police Organisation (Interpol) to look into the major theft, including how credit card information was leaked.
“The relevant authorities have been alerted. Investigations are at a sensitive stage and further information will be provided as appropriate,” the statement concluded.
