Today's Big Stories

Japanese authorities to investigate ATM scam which cost Standard Bank R300m

The Japanese government says its working with Interpol and South African authorities to investigate a credit card fraud scam which has cost Standard Bank an estimated R300 million.

EWN's China correspondent Steve Vines says the fraud took place on May 15, but was only reported over the weekend.

He reports that over 100 people across Japan, from Tokyo to Asaka, went to convenience stores and withdrew money from Standard Bank ATM machines in the space of 2 hours.

Vines explains that the ATM withdrawal limit in Japan ¥100 000 (approximately R14 318).

He says the criminals are reported to have fled from Japan since the scam took place.

Listen to the full conversation from The Midday Report with Stephen Grootes:

Meanwhile, the South African Banking Risk Information Centre (Sabric) says that banking vulnerability is not limited to the country in which one holds one's account.

Sabric CEO Kalyani Pillay says that in such cases, the investigation outcome will determine where the liability lies and officials will reimburse clients accordingly.

Listen to the full conversation from The Midday Report with Stephen Grootes:

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