Surge in fraud complaints among Standard Bank customers sparks concerns

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Social media platforms have been abuzz with complaints from Standard Bank customers, who have been sharing screenshots and recounting incidents of fraud attempts on their bank accounts.

The surge in these reports has prompted many customers to swiftly block their bank cards in an effort to protect their hard-earned money.

Standard Bank has acknowledged the fraud attempts, particularly on some international transactions, and has assured the public that it is taking comprehensive measures to safeguard its clients’ accounts and personal details.

On Tuesday, July 2, 2024, the bank issued a direct fraud notification to the affected customers, advising them of the steps being taken to address the issue.

The notification resulted in a significant increase in call volumes to the Standard Bank call center, which in turn affected call waiting times.

To mitigate the impact and provide more efficient service, the bank is encouraging customers to utilize the Standard Bank app and internet banking for reporting fraud and managing their cards and payments.

Read: An additional 150 000 individuals in Sub-Saharan Africa to learn digital skills by 2027

Unfair dismissal

In other developments, earlier this week, Standard Bank was ordered to pay R1.7 million to its former head of compliance in the global markets and market abuse department for unfair dismissal.

The Commission for Conciliation, Mediation and Arbitration (CCMA) found that the investigation conducted by Standard Bank into allegations against the former employee was not done correctly.

The primary charge against her, dating back to 2019, was an  alleged failure  on her part to create an environment where employees felt safe and were able to conduct their work tasks effectively and efficiently.

These incidents have cast a spotlight on Standard Bank’s internal practices and external security measures, raising questions about the bank’s ability to protect its customers and manage its workforce effectively.

As Standard Bank navigates these challenges, it remains to be seen how it will restore customer confidence and enhance its operational protocols to prevent future issues.

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