How Standard Bank lost R300 million through ATMs in Japan

Standard Bank has been hit with a R300 million card fraud scam in Japan.

The Money Show’s Bruce Whitfield interviewed Jacques van Heerden, IT Security Expert at Global Technology Security Provider (GTSP).

He also played a clip from The Midday Report of China correspondent Steve Vines.

Scroll down for quotes from the audio below.

Over 100 people spread out across Japan withdrew the money from ATMs.

Steve Vines

Those people are not in Japan anymore.

Steve Vines

They selected ATMs in convenience stores, because of their high withdraw limit.

Jacques van Heerden, IT Security Expert at Global Technology Security Provider

About 14 000 transactions took place.

Jacques van Heerden, IT Security Expert at Global Technology Security Provider

I don’t know how the card details was stolen.

Jacques van Heerden, IT Security Expert at Global Technology Security Provider

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Article brought to us by Old Mutual.

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