Standard Bank ***** by an Agent pretending to be calling from the ***** Department.

Standard Bank ***** by an Agent pretending to be calling from the ***** Department.

I was de*****ed by a person or persons pretending to be Standard bank ***** department agents. Their modus operandi (MO) is as follows:

1.) Client target receives a SMS from Standard bank look alike SMS no "Standard-Bank Anti-***** security alert: Possible *****ulent activity was detected on your account .To safeguard you we have placed a hold on the transaction of R10,830 ***. For reversal please contact ***. Std Bank is an authorized financial services provider (FSP 46669) and registered credit provider (NCRCP13). Std Bank Limited Reg. No: ***"

2.) Client receives a call from the Standard Bank ***** department agent +***0 and the agent alerts the Client to the ***** and then spends a bit of time discussing how to prevent ***** using Virtual Cards and then informs the Client that due to high incident of ***** all business bank covered to 3D Secure accounts. The Age then goes through the standard security process and then starts the 3D Secure bank account encryption process.

3.) Client target receives a SMS “Warning: Please be advised we are currently implementing extra security on your online Banking profile called 3D secure. This security implementation has become a requirement by most in South Africa. If you are experiencing any problems during this implementation phase, please inform us and we will address the issue as soon as possible. For more information, please visit your bank's 3D Secure sit https:/www.standardbank.co.za”

4.) Followed by a 3rd SMS “Standard-Bank Anti-***** security alert: Consolidation Vault *******NAME: INITIAL & SURNAME ID: *** 999 BENEFIARY *** Call ***. Std Bank is an authorized financial service provider(FSP4669) and registered credit provider (NCRCP13).”

5.) The Agent informs that Client must not disclose to the Agent the 7 digits and Agent will supply last 4 digits. Agent then take Client through the process of transferring funds to the NEW 3D Secure business account

Facts: The NEW 3D Secure account is in same bank Funds are transferred from the NEW NEW 3D Secure accoun to other retail banks Capitec & Nedbank

The authenticated Standard bank digital ***** investigator informed me that the *****sters use indigent persons “term used by standard bank ***** department” to open bank accounts for *****sters use.

Key issues: 1. Why was the *****ulent account not flagged with same processes and transfer suspended or blocked especially as these must be NEW *****ulent accounts created for *****ulent purposes? 2. Are there internal Standard bank employees working with the *****sters? 3. If this is the latest ****/***** why has standard bank not sent out notices to all its clients? 4. How can immediate transfers happen from *****ulent account to external banks when their is meant to be a clearing time of 24 hrs in Standard Bank ,for Standard bank to Standard Bank account transfers and 2-3 days for external other bank transfers? 5. If these accounts are opened by indigent persons “term used by standard bank ***** department” why are these NEW accounts not flagged when funds are transferred in then out within minutes

We are creating a survey collect data to understand the magnitude of these ****s/*****s and then take possible appropriate action against the banks after legal advice.

Please help us collect the data by completing this survey at link https://s.surveyplanet.com/jx57cbkj