Standard Bank says measures in place to protect customers after flurry of fraud complaints

After complaints on social media about illegal transactions, Standard Bank said that have measures in place to protect customers. Photographer Ayanda Ndamane/ Independent Newspapers

After complaints on social media about illegal transactions, Standard Bank said that have measures in place to protect customers. Photographer Ayanda Ndamane/ Independent Newspapers

Published Jul 4, 2024

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Standard Bank has assured South Africans that it is addressing all complaints it was receiving and that it had the necessary measures and mechanisms in place to protect customers.

This comes after a number of the bank’s clients complained on social media and to the bank about illegal transactions on their accounts.

The bank said that their fraud mitigation measures continue to protect and inform customers of any potential fraud on their accounts.

Standard Bank said that they are continuing to receive customer queries relating to potential fraud.

“Due to the nature of these incidents, Standard Bank issued a direct fraud notification to impacted customers on (Tuesday) July 2, 2024,” the bank said.

The notification from the bank resulted in increased call volumes to the call centre which had an impact on call waiting times.

Standard Bank also said that they were aware of fraud attempts on some international transactions.

The bank said that their fraud detection systems will identify and block any suspected fraudulent transactions and/or cards that have been impacted.

Standard Bank will reissue replacement cards for any cards that are blocked due to potential fraud. This is in line with the bank’s standard practice.

The bank is asking customers to use the Standard bank app and internet banking to report fraud or manage their cards and payments.

— Standard Bank ZA (@StandardBankZA) July 2, 2024

Each case of alleged fraud will be evaluated on its individual merits to ensure a fair resolution for customers, according to Standard Bank.

“We will continue to communicate with impacted customers to address their complaints in line with our zero-tolerance approach towards fraudulent activities,” Standard Bank said.

The bank apologised for any delays experienced and assures customers that they are taking steps to protect them.

Fraudulent transactions

Complaints from Standard Bank customers peaked on Tuesday as X users complained about thousands of rands suddenly being taken out of their bank accounts and multiple fraudulent transactions.

— Steven Randall (@RANDYCTZA) July 2, 2024

— AdmirablePraises🇿![CDATA[]]>🇦 (@AdmirablePraise) July 1, 2024

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