Standard Bank loses R300m to fraud in Japan

File picture: Reuters

File picture: Reuters

Published May 23, 2016

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Johannesburg - Standard Bank, Africa’s biggest bank by assets, said it lost as much as R300 million ($19 million) to organised fraud in Japan.

The bank has “been the victim of a sophisticated, co-ordinated fraud incident”, the Johannesburg-based lender said in a statement on Monday.

“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.”

Read: Standard Bank fears SA downgrade to junk status

The company is working with authorities and may recover some of the money, it said.

“Investigations are at a sensitive stage and further information will be provided as appropriate.”

BLOOMBERG

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