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Update:

Following the reported breach of Standard Bank’s system yesterday, they have issued a response to address these claims.

Standard Bank said, ‘Standard Bank can confirm that there has been no breach of its system.’

‘Standard Bank would however like to apologise to customers for delayed responses when calling the call centre, this is due to a spike in month end transactions. The bank has multiple security and authentication layers that it has made available to its customers.’

‘Customers can also utilise the App or Internet Banking to report Fraud or manage their cards or card payments. Please visit Standard Bank’s Security Centre for more details and tips on preventing fraud.’

They have also provided customers with some tips and best practices to safeguard their bank accounts:

Password Best Practices:

    • Use strong passwords for all your online accounts.
    • Consider using a password manager to securely store and manage your passwords.

Multi-Factor Authentication (MFA) and Biometrics:

    • Enable MFA wherever possible to add an extra layer of security.
    • Biometric authentication (such as fingerprint or facial recognition) enhances account protection.

Combat Social Engineering:

    • Be cautious of unsolicited calls, emails, or messages asking for personal information.
    • Verify the legitimacy of requests before sharing sensitive data.

Contactless Payment Methods:

    • Use contactless cards or mobile wallets for secure transactions.

Precautions with Public Wi-Fi:

    • Avoid conducting sensitive transactions over public Wi-Fi networks.

Standard Bank customers took to social media to express outrage over an alleged ‘massive security breach,’ citing fraudulent transactions and missing funds from their accounts.

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The bank’s official handle (@StandardBankZA) was flooded with complaints on Tuesday morning, as customers reported compromised accounts and frustration over lengthy wait times to block cards or accounts via the call centre.

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Even Gerda Steyn, a three-time Comrades marathon winner, voiced her struggles on her profile (@gerdarun), stating difficulty in reaching a Standard Bank fraud hotline agent.

Standard Bank has faced multiple systems outages in recent years, particularly in 2022, prompting the resignation of its chief engineering officer, Alpheus Mangale, in June 2022.

Margaret Nienaber was subsequently appointed as chief operating officer to enhance internal operational performance. Nienaber, formerly head of client solutions, now oversees engineering, innovation, brand and marketing functions, in addition to the client solutions division.

Standard Bank’s 2023 remuneration report revealed a 37% increase in Nienaber’s remuneration, rising to R59.797 million from R43.644 million in 2022.

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Picture: Leon Botha / Gallo Images

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