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Standard Bank expects to lose R300m from Japan bank heist

Millions stolen from ATMs using fictitious credit cards. Customers not impacted.

JOHANNESBURG – Standard Bank Group says it has been the victim of a fraud incident involving the withdrawal of cash from ATMs across Japan using fake credit cards. The bank expects to lose R300 million from the incident.

“The target of the fraud has been Standard Bank and there has been no financial loss for customers,” Standard Bank spokesperson, Ross Linstrom said on Monday.

Quoting investigative sources, Japan’s national daily, The Mainichi, on Sunday reported that $12.7 million (R198 million) in cash was stolen from some 1 400 ATMs in convenience stores across Japan in the space of two hours on May 15.

“Police suspect that the cash was withdrawn at ATMs using counterfeit credit cards containing account information leaked from a South African bank,” the daily reported.

Police believe more than 100 people may be involved, according to the report, which quotes anonymous sources as saying that approximately 14 000 transactions were used to draw a maximum of 100 000 yen (R14 247) from seven bank ATMs.

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,” said Linstrom.

“The relevant authorities have been alerted. Investigations are at a sensitive stage and further information will be provided as appropriate,” he said.

According to The Mainichi’s news report, ATM transaction data suggests that information from 1 600 credit cards was used.

The paper reported that Japanese police are working with local authorities, through the International Criminal Police Organisation (Interpol), to investigate the theft, including how the credit card information was leaked.

 

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ja no well fine

Counterfeit “smart” credit cards with embedded chips?

A lot more to this one

That amount in such a short time and nobody saw anything! it must have been ninjas!

My experience of living in Japan teaches me that there are cameras (CCTV included) everywhere. So, if this large scale theft was committed within such a short time, and at ATMs in convenience stores, then it is no rocket science, we have video tapes and stills of those who withdrew the 100 000 yens with 1600 credit cards within an hour. So we should have a full picture (literally and figuratively) of the cash collectors, so that that entire troupe of street hires (cast) can help piece together information that may lead to the master minds. South African banks should take this as a warning…they should introduce technologies that ensure that when your card is swiped abroad, it delays approval (phone you to confirm you are the person transacting) or request a biometric verification. But this is a serious warning needs an equal, in not better response. But lets get the crooks to jail first.

By the way, it is derogatory to refer the the Japanese people as ‘japs’ and there is no evidence to show that the people behind this scam are Japanese. That is where the crime was committed against Standard Bank. We need evidence to conclude, not conclude and look for evidence. This is highly presumptuous.

And you think the people who did this crime would have shown their faces when they were doing it? Knowing very well that CCTVs are looking at them? I doubt, but lets hope they will be found somehow. But that’s a lot of money to loose in a couple of hours. Damn, who ever did it is good.

Standard Bank will undoubtedly be raising fees and charges to offset the loss, after which the fees and charges will be reduced again (ha ha ha – not!).

How could they not have seen this coming ? How could they have such big holes in their security ? How did their surveillance systems not pick anything up in time ? WOW !

They steal R198 Million in cash and your loss is R300 million?

In 7200 seconds, 100 people moved between 1400 ATMS, doing 140 transactions each and taking R1,980,000 each. That means every 51 seconds a transaction.

The Maximum allowed per ATM = R14,247.

Even if these ATM’s were standing next to each other, it is impossible.

Just saying.

There’s an inside job going on here. “…Account information leaked from a South African bank…” I smell a very large computerized rat.

Zuptas….

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