Standard Bank Got Scammed Out Of R300 Million – Here’s How The Criminals Did It [Infographic]

24 May 2016 by Sloane Hunter in Business, NEWORDER, South Africa

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In just a few hours on the 15 May, 14 000 transactions took place at ATMs in Japan’s convenience stores, withdrawing ¥100,000 (R14 300) every time.

The maximum withdrawal amount, 100 fraudsters had forged around 1 600 credit cards issued by Standard Bank.

Standard Bank’s Ross Linstrom stated the bank was a victim of a sophisticated, coordinated 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 action to contain the matter, and the gross loss to the bank is estimated at R300 million.

Here’s a simple breakdown of how such an incident would occur:

While it is still unclear just how the transnational scam got the information of these credit cards, it just shows once again how vital it is to protect your information – whether you’re a company or an individual.

[source: timeslive&iol&mybroadband]

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