{"id":52249,"date":"2026-03-10T11:59:03","date_gmt":"2026-03-10T11:59:03","guid":{"rendered":"https:\/\/eduzim.co.zw\/news\/?p=52249"},"modified":"2026-03-10T11:59:03","modified_gmt":"2026-03-10T11:59:03","slug":"standard-bank-under-scrutiny-over-unauthorised-transactions","status":"publish","type":"post","link":"https:\/\/eduzim.co.zw\/news\/2026\/03\/10\/standard-bank-under-scrutiny-over-unauthorised-transactions\/","title":{"rendered":"Standard Bank faces fraud outcry"},"content":{"rendered":"<p> <script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<p><h2>Complaints detail stolen pension funds and suspicious account activity, but the bank has only partially addressed the allegations.<\/h2>\n<\/p>\n<div>\n<p>A growing number of Standard Bank customers have taken to social media to share what they describe as devastating experiences of unauthorised transactions on their accounts.<\/p>\n<p>The most prominent complaint comes from an account named Oddette, or @PinketteXO, whose pensioner mother allegedly had her entire monthly pension wiped from her account within two days of it being deposited.<\/p>\n<p>According to the user, bank statements show the funds were transferred out at a branch in Acornhoek, Mpumalanga, yet her mother was in Nelspruit at the time.<\/p>\n<p>\u201cDespite this, the bank claims she performed the transactions but refuses to provide the account numbers where the money was sent,\u201d Oddette wrote.<\/p>\n<p>\u201cWhen funds leave an account, there must be a clear record of the destination accounts. Refusing to disclose that information raises serious concerns about transparency and accountability,\u201d she claimed.<\/p>\n<p><strong>ALSO READ: Sassa warns again of \u2018insurance\u2019 scammers trying to steal your social grant<\/strong><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-standard-bank-hits-back\">Standard Bank hits back<\/h2>\n<p>Standard Bank on Monday acknowledged the post but disputed the characterisation of events, clarifying that the matter related to transactions from 2011.<\/p>\n<p>The bank said a case opened in 2023 was fully investigated, resolved, and closed, with a Financial Sector Conduct Authority (FSCA) complaint process also supporting its findings.<\/p>\n<p>\u201cThe internal investigation and assessment by the FSCA found no evidence of fraud, unauthorised activity, or bank error in this case.\u201d<\/p>\n<p>\u201cWe remain fully committed to the safety and security of our customers\u2019 funds,\u201d the bank told <em>The Citizen<\/em>.<\/p>\n<p>Oddette accused the bank of lying and demanded that it produce evidence of any assistance rendered.<\/p>\n<h3 class=\"wp-block-heading\" id=\"h-other-customers-unheard\">Other customers unheard<\/h3>\n<p>Standard Bank\u2019s response made no reference to other complaints circulating on the same thread.<\/p>\n<p>Among them, Mr Dlamini described 10 fraudulent transactions of identical amounts being deducted from his account, approximately three minutes apart, with none of them flagged by the bank\u2019s systems.<\/p>\n<p>\u201cHad I not gone through my transactions, this would\u2019ve still gone unnoticed,\u201d he said.<\/p>\n<p>Dlamini also criticised the bank\u2019s handling of his complaint.<\/p>\n<p>\u201cNo official statement in sight from Standard Bank. Just automated DM responses, and they keep it moving. In the DMs, they then instruct you to call their fraud department as if that\u2019s not the first thing one does in such situations,\u201d he wrote.<\/p>\n<p><strong>Other people affected by similar incidents shared the following experiences:<\/strong><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">How did the bank\u2019s systems fail to detect over 15 transactions in a single night, some of which were for identical amounts? Why did these repeated and unusual patterns not trigger fraud alerts or account blocks?<br \/>These are some of the transactions. \ud83e\udd79<a href=\"https:\/\/twitter.com\/StandardBankZA?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@StandardBankZA<\/a> <a href=\"https:\/\/t.co\/CKIJ7ysBOo\" rel=\"nofollow\">pic.twitter.com\/CKIJ7ysBOo<\/a><\/p>\n<p>\u2013 Lovedelia (@lovedelia01) <a href=\"https:\/\/twitter.com\/lovedelia01\/status\/2030959490854486506?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">March 9, 2026<\/a><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I lost 300k in a short space of 2 hours from an Investment account with <a href=\"https:\/\/twitter.com\/StandardBankZA?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@StandardBankZA<\/a> <a href=\"https:\/\/t.co\/AE2OsMQ2D0\" rel=\"nofollow\">pic.twitter.com\/AE2OsMQ2D0<\/a><\/p>\n<p>\u2013 Pamela Madi (@madi_pamel91487) <a href=\"https:\/\/twitter.com\/madi_pamel91487\/status\/2031077449509810242?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">March 9, 2026<\/a><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">When Kehlani said \u201cSafe, like the money, let it sit up in the bank, Safe!!\u201d <a href=\"https:\/\/twitter.com\/StandardBankZA?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@StandardBankZA<\/a> left the chat, your money is 100% NOT safe with them. The actual bank steals from you. Their own banker fraudulently transferred over R1M out of my aunt\u2019s account during a course of a day\u2026<\/p>\n<p>\u2013 Miyaandy \ud83c\udf38 (@Amahashi_) <a href=\"https:\/\/twitter.com\/Amahashi_\/status\/2030357061255782539?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">March 7, 2026<\/a><\/p><\/blockquote>\n<p>The complaints raise broader questions about whether Standard Bank\u2019s fraud detection systems are equipped to catch suspicious patterns, such as multiple identical transactions processed within minutes, before damage is done.<\/p>\n<p><em>The Citizen<\/em> reached out to Standard Bank for further comment on the security concerns raised by customers. The bank had not responded at the time of publication.<\/p>\n<p><strong>ALSO READ: Here\u2019s how much it will cost you to apply for Smart ID at these bank branches<\/strong><\/p>\n<h3 class=\"wp-block-heading\" id=\"h-what-banks-could-do-to-help-fraud-victims\">What banks could do to help fraud victims<\/h3>\n<p>Several countries have regulations requiring service providers, such as banks, to assist and reimburse victims of financial scams on their platforms.<\/p>\n<p>Professor Michelle Kelly-Louw, head of the department of commercial law at the University of Cape Town, previously told <em>The Citizen<\/em> that South Africa was significantly lagging behind, likely due to resistance from banks.<\/p>\n<p>\u201cMany of these international frameworks provide substantial protection and compensation to consumers for losses incurred due to fraud, often through well-established mechanisms that shift or share liability in a more balanced manner.<\/p>\n<p>\u201cIntroducing similar protections in South Africa would likely face resistance from the banking sector, particularly around the potential financial and operational implications. One of the key arguments raised will be the issue of systemic risk, particularly if banks are expected to absorb high-value losses across a large customer base.\u201d<\/p>\n<p>Another step to keep customers safe would be to use technology in identifying potentially fraudulent activity. While Standard Bank and others do employ safeguards, their efficiency is mixed and debatable.<\/p>\n<p>\u201cBanks often call customers to verify suspicious activity, but many consumers ignore unknown numbers due to spam calls, despite protections under the Consumer Protection Act. <\/p>\n<p>\u201cAs a result, important fraud alerts may be missed, and legitimate transactions may be blocked if flagged as unusual. Clearer AI regulation, better consumer communication and improved awareness are essential going forward,\u201d she said.<\/p>\n<p><strong>NOW READ: Should customers or banks carry the burden of cybercrime?<\/strong><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n#Standard #Bank #faces #fraud #outcry<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Complaints detail stolen pension funds and suspicious account activity, but the bank has only partially addressed the allegations. A growing&hellip;<\/p>\n","protected":false},"author":1,"featured_media":52250,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-52249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mzansi"],"_links":{"self":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/52249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/comments?post=52249"}],"version-history":[{"count":1,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/52249\/revisions"}],"predecessor-version":[{"id":52251,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/52249\/revisions\/52251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media\/52250"}],"wp:attachment":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media?parent=52249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/categories?post=52249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/tags?post=52249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}