R300m lost in credit card scam: Standard Bank

Standard bank has confirmed on Monday that R300 million has been lost through a credit card fraud scam involving South African banks in Japan. 

It is believed that the money was stolen through coordinated ATMs and convenience stores.

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

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

R300m lost in credit card scam: Standard Bank

However, the bank assured it’s customers that there has been no financial loss for customers, although the target of this fraud was standard bank.

Standard bank further said investigations were at a sensitive stage and that more information will be provided at later stage.