South Africa’s Standard Bank Loses R300 Million In Card Scam

South Africa’s Standard Bank said on Monday it had lost R300 million ($19million) in a card fraud incident in Japan, after the perpetrators used counterfeit cards to withdraw cash from automatic teller machines.

The bank said in a statement without elaborating that its South African operations suffered the losses, not its customers, and that the authorities had been alerted.

“Standard Bank has taken swift action to contain the matter and the gross loss to the bank is estimated at R300 million. This is prior to any potential recoveries that may serve to reduce the loss,” the bank said.

It was not clear when the fraud took place. Officials at the bank were not available to comment.





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