Citizen reporter
1 minute read
23 May 2016
9:48 am

Standard Bank hit by R300m Japanese credit card scam

Citizen reporter

The Japanese media reported that more than 1,000 ATMs were used in a space of about two hours to complete the fraudulent withdrawals earlier this month.

Standard has confirmed that it has been affected by a credit card fraud scam involving South African banks in Japan.

In a statement, the bank said the gross loss to the bank is an estimated R300 million.

“The South African banking operations of Standard Bank Group have been the victim of a sophisticated, co-ordinated fraud incident,” the bank said in a statement.

The bank also reportedly said the scam involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan.

However, the bank says the target of the fraud has been Standard Bank and there has been no financial loss for customers.

The money was stolen through a series of coordinated ATM and convenience store withdrawals.

Meanwhile the Japanese media reported that more than 1,000 ATMs were used in a space of about two hours to complete the fraudulent withdrawals earlier this month.

It’s believed that about 100 people may have been involved in as many as 14,000 transactions.

Sources have told Japanese media that 1,600 credit cards issued by one South African bank were used to commit the fraud.

Standard Bank was not immediately available for comment on Monday morning.