Standard Bank Hit by Quick R200 Million ATM Fraud in Japan

Standard Bank has been the victim of a major fraud in Japan, where 1.4 billion yen (R200 million) in cash was stolen from some 1,400 ATMs in convenience stores across Japan over a short period earlier this month, it has been reported.

According to Business Day on Monday, Standard Bank confirmed that it was the bank referred to in a story coming out of Japan on the weekend. The bank has reportedly said the fraud will have no impact on its customers.

Japanese police were reported by the Japanese Mainichi newspaper to suspect the withdrawals, each time for the maximum 100,000 yen, were by some 100 people over a two-hour period on 15 May in Tokyo and 16 prefectures. They used counterfeit credit cards containing account information leaked from “a South African bank”.

A Standard Bank spokesman was quoted saying that the bank had been the victim of a “sophisticated, co-ordinated fraud” and that it had taken swift action to contain the matter.

The Japanese police, who believed 100 people were involved, were reportedly working with South African authorities through Interpol over the case.