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[LISTEN] How did Standard Bank lose R300m through ATM fraud in Japan?

Standard bank on Monday confirmed it had been affected by a massive credit card fraud scam involving South African banks in Japan.

JOHANNESBURG - Standard Bank on Monday confirmed it had been affected by a credit card fraud scam involving South African banks in Japan.

The gross loss to the bank is an estimated R300 million. This is prior to any potential recoveries that may serve to reduce the loss.

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

The money was stolen through a series of coordinated ATM and convenience store withdrawals.

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