South Africa's Standard Bank loses $19 million in card scam - CNBC Africa

South Africa's Standard Bank loses $19 million in card scam

Southern Africa

by Reuters 0

South Africa's Standard Bank loses $19 million in card scam. Photo: Wikimedia.

South Africa's Standard Bank said on Monday it had lost 300 million rand ($19 million) in a card fraud incident in Japan, after the perpetrators used counterfeit cards to withdraw cash from automatic teller machines.

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

"Standard Bank has taken swift action to contain the matter and the gross loss to the bank is estimated at 300 million rand. 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.

($1 = 15.5825 rand)

 

(Reporting by TJ Strydom; Editing by James Macharia)

 

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