THE BAD

Finweek English Edition - - THE WEEK -

Stan­dard Bank has lost an es­ti­mated R300m in a co-or­di­nated theft from about 1 400 ATMs in Ja­pan on 15 May, with thieves us­ing fic­ti­tious cards fol­low­ing the leak of credit card in­for­ma­tion. Ja­panese police be­lieve more than 100 peo­ple may have been in­volved in the co-or­di­nated with­drawal. Stan­dard Bank said there has been no fi­nan­cial loss for cus­tomers, and that its es­ti­mated gross loss of R300m ex­cludes any potential re­cov­er­ies. Ja­pan’s Yomi­uri news­pa­per said the raids be­gan early on the Sun­day morn­ing of 15 May, when banks were closed, and that the thieves may have had enough time to leave the coun­try be­fore au­thor­i­ties could act.

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