- 1. On fraud incidents and client allegations
Standard Bank acknowledges that clients unfortunately may encounter fraud, which is a widespread issue impacting financial institutions globally. Each reported incident is evaluated individually, taking into account multiple pieces of evidence.
If there’s unauthorised access without client awareness, investigations typically focus on social engineering (through vishing or phishing) or credential compromise outside bank systems, malware or unauthorised apps on devices, telecom-related issues like SIM swapping, and the use of previously trusted devices.
Thus far, no evidence has been found indicating unauthorised access originating from Standard Bank systems.
- 2. On goodwill settlements and methodology
In certain cases, we may offer discretionary goodwill payments to support clients.
Such payments are not an admission of liability but a reflection of our commitment to supporting customers during challenging situations.
The amount paid depends on the specific circumstances of each client and the facts of the matter.
The deadline associated with each offer of goodwill is provided for an expeditious resolution of the matter. The date can be extended on the clients’ request.
- 3. On confidentiality provisions in settlements
Confidentiality clauses are a standard part of settlement agreements.
Their purpose is to protect privacy and avoid disrupting any ongoing investigations or legal processes. These clauses do not prevent clients from engaging with law enforcement, regulators, or the ombudsman.
Standard Bank continues to encourage cooperation with the South African Police Service and other authorities to ensure matters are properly investigated and addressed.
- 4. On allegations of insider involvement
Any claims of employee misconduct are treated with the utmost seriousness. The bank maintains strict internal controls for data access, monitoring systems to detect unusual patterns, and enforces zero tolerance for misconduct.
Investigations are launched internally and externally as needed and misconduct is never excluded as a potential avenue for investigation.
Currently, no evidence of systemic internal compromise has been found in these cases.
- 5. On case references involving a former employee
Standard Bank has laid charges and is cooperating with the ongoing investigation. The bank cannot comment on details or any connection to broader fraud patterns at this stage.
- 6. On alleged SMS alteration
Standard Bank cannot alter or delete SMS messages on a client’s device. Message delivery and storage are controlled by mobile operators and the device’s operating system.
Any discrepancies reported require investigation of device integrity, network records, and third-party applications. Another possibility is malicious software (malware) on the client’s device. Malware is often disguised as a free or discounted app and can add, delete, or change data on a device.
To help protect our clients, Standard Bank has introduced malware protection, which alerts clients if malware is detected on their device when they log onto the banking app.
We recommend that clients only download apps from official app stores. Please avoid clicking on links to download apps or opening attachments from unknown or suspicious sources, as these may contain harmful software.
- 7. On credit blacklisting in fraud cases
Credit reporting complies with South Africa’s National Credit Act and regulatory requirements. Disputed transactions due to fraud are investigated before final credit decisions are made. Clients may use dispute resolution processes, consult the National Financial Ombud Scheme, or National Credit Regulator for credit matters.
- 8. On interest and charges during investigations
Accounts under investigation may accrue fees or interest based on the product type. Adjustments may be applied after the investigation concludes, with each case reviewed on its own merits.
- 9. On the Karen Segers matter
The National Financial Ombud completed its independent review of the customer complaint relating to disputed transactions and found no evidence of wrongdoing or system failure by the bank.
The ombud concluded that the transactions were processed using the customer’s registered device and valid credentials, and that the bank acted in line with its security protocols.
On this basis, the ombud determined that there are no grounds to hold the bank liable for the loss and has closed the case.
- 10. On the Paia request, device data
All Promotion of Access to Information Act (Paia) requests are processed according to statutory requirements, assessed against legal and privacy criteria, and answered within legislative timelines.
Responses are made directly through the formal Paia process.
- 11. On data breach considerations
A security incident identified on 23 March involved certain client information.
A comprehensive investigation was conducted, and the relevant authorities were notified.
At this stage, there is no evidence to suggest a link between this incident and the fraud cases referenced. Any new information will be managed in line with applicable regulatory and ethical standards.
- 12. On client profile anomalies (cell number query)
The bank is unable to discuss specific client records. However, any unauthorised changes to a profile are treated as a priority and are promptly investigated.
We encourage clients to report any suspected incidents as soon as possible so we can assist and take the necessary action.
- 13. On the scope of goodwill programme
Goodwill payments may be offered at our discretion and are considered on a case‑by‑case basis.
These payments are not publicly disclosed in terms of total amounts or overall values, and they do not represent an acceptance of liability.
- 14. On insurance for fraud-related losses
Standard Bank does not have or offer insurance for individual client fraud losses. It is committed to protecting client assets and information, thoroughly investigating all fraud-related concerns, and working closely with law enforcement and regulators.
The bank continuously enhances its security measures and invests in client education to keep pace with evolving fraud risks.
