Standard Bank *****

Standard Bank must be held accountable for the serious internal failures at its branches. On 20 September 2022, my husband and I were de*****ed of R1,680,000. Despite our repeated requests for assistance, the bank refuses to help with the investigation, claiming that the matter has already been resolved.

In September 2022, we were in the process of purchasing property when my email was cloned, and the funds were transferred to a *****ulent account. We know from experience that it typically takes 2 to 3 days for funds to clear, yet the perpetrator was able to withdraw significant sums from various branches in a short period, as follows:

R360,000 on 21 September 2022 R550,000 on 21 September 2022 R400,000 on 22 September 2022 R250,000 on 23 September 2022 Why were these large withdrawals allowed without any question? Two large withdrawals were made on 21 September, at two different branches, and the funds were cleared within a single day.

Based on the numerous complaints on HelloPeter, where Standard Bank has been freezing accounts for clients who are not FICA-compliant, it’s concerning that this account holder’s FICA documents were outdated, yet the bank still permitted the withdrawal. How can this be explained?

How does management at Standard Bank allow such large cash withdrawals without sufficient verification of the source of funds, especially when the perpetrator’s account had a minimal balance? Why was the beneficiary's name—used to initiate the payment—accepted along with the *****ulent bank account number?

Why has the investigating officer been denied access to the camera footage from the cash withdrawals? Why is the officer also being denied access to the signed paperwork from the bank teller and the senior management who authorized these transactions?

Furthermore, why were the funds allowed to be withdrawn in large sums without proper credit checks or safeguards in place? There should be stringent processes in place for cash withdrawals of significant amounts, and Standard Bank clearly did not exercise due diligence.

It is evident that Standard Bank failed in their duty of care and must take full responsibility for these events. We work hard for our money and banks are supposed to protect us but they don't care. If the roles were reversed, what then?