Browsing: Sabric

In-depth
Inside the R300m Standard Bank heist

Three hours, around 100 people, 1 400 Japanese ATMs and 1 600 counterfeit credit cards, was all it took for fraudsters to exploit Standard Bank in Japan. The bank, which stands to lose up to R300m, described the attack as a “sophisticated

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Standard Bank victim of ‘well-planned’ crime

A R300m card fraud hit on Standard Bank in Japan is an incident of transnational organised crime that was well planned and executed, says a local banking risk body. The South African Banking Risk Information Centre

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3-D Secure compliance irks e-retailers

The Payments Association of South Africa (Pasa) is moving ahead with plans to fine merchants that have failed to comply with 3-D Secure, a new layer of verification for online payments. And it’s got some online retailers hot under the collar. While not everyone’s happy

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Chip cards don’t solve SA’s fraud problem

Despite the introduction of Europay, MasterCard and Visa chip cards by South Africa’s banks, fraudsters continue to clone the cards to use them in countries that haven’t implemented the EMV standard for card payments. Until the banks stop

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Massive increase in card fraud

The banking industry’s gross fraud losses due to South African-issued credit card fraud has soared in 2014. In the first nine months of the year, losses have accelerated to R453,9m, from R366m in the same period a year ago. The biggest contributor

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Beware these festive season banking scams

Bank customers should be aware of bank-related scams to avoid falling victim to them, the South African Banking Risk Information Centre said on Tuesday.”We want to warn customers to be vigilant during the festive season, especially around

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How to avoid becoming a cybercrime victim

There are simple steps the public can take to prevent ATM fraud, the South African Banking Risk Information Centre said on Wednesday. “There is a perception that most bank-related [crime] matters are perpetrated by internal staff in banks,” Sabric CEO Kalyani Pillay told

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