Standard Bank is investigating complaints from frustrated clients who lost thousands of rands following fraudulent transactions on their accounts in mere minutes.
Clients who spoke to Sowetan said the reference was “Facebk” and the amounts were taken in small transactions, with one victim saying she lost R20,000. Many other victims took to X to share their frustrations.
The bank has attributed this to card-not-present (CNP) transactions – online payments where physical cards or their holders are not required. The bank's spokesperson Ross Linstrom said the CNP is unique as it has become a core of modern online commerce.
“However, they also present unique challenges and risks. Fraudsters exploit CNP channels to perpetuate schemes involving false advertising. Standard Bank investigates every fraud complaint on its individual merits, and the outcome of this process is communicated directly to the impacted client,” he said.
Standard Bank investigates every fraud complaint on its individual merits, and the outcome of this process is communicated directly to the impacted client
— Ross Linstrom, Standard Bank spokesperson
Linstrom said fraudsters purchase advertising space online, promoting deceptive products. “They make fake offers, or phishing scams designed to steal personal and financial information. These ads can appear very legitimate, making it difficult for consumers and even advertising platforms to detect the fraud until it’s too late.
“The growth of CNP transactions underscores the need for businesses, platforms, and consumers to work together in maintaining a balance between seamless user experiences and advanced security protocols,” he said.
Ross said emerging technologies such as biometric verification and real-time transaction monitoring, offer hope in staying ahead of these challenges.
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