Standard Bank confirms it has been target of fraud in Japan
STANDARD Bank confirmed on Monday it is the South African bank referred to in Japanese reports whose data leak resulted in ¥1.4bn ($12.7m) being stolen from about 1,400 automated teller machines (ATMs) in Tokyo on May 15."The South African banking operations of Standard Bank Group have been the victim of a sophisticated, co-ordinated fraud incident," Standard Bank said."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 R200m. This is prior to any potential recoveries that may serve to reduce the loss."The relevant authorities have been alerted. Investigations are at a sensitive stage and further information will be provided as appropriate," Standard Bank said.Japanese newspaper Mainchichi reported on Sunday that Japanese police ...
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