Standard Bank Check Account *****

Me and my wife are both private banking clients of Standard Bank for almost 30 years. On 26 February 2025 she became a victim of ***** when all the money from her check account was either withdrawn or transferred to other international accounts by means of EFT transfers or transactions. Needless to say, we reported the matter immediately to the Standard Bank ***** Division, our private banker at Standard Bank and the South African Police Service. Standard Bank promised us that they would investigate the matter and revert to us within seven days. However, when she made a follow up after ten days, they said it would take seven to fourteen days. Though Standard Bank manage to recover some of the money (about half of it) she was informed on 17 March 2025 that there is not enough evidence, and Standard Bank dismissed the matter further, through a lack of information. I would like to emphasise, that we are aware of bank *****, and I am quite aware of risk in the bank environment. (I facilitated a workshop on Enterprise Risk Management for another Bank Group in South Africa in 2024). As far as risk mitigation is concerned, we as clients attempt to not expose ourselves. However, from the onset, it seemed as if Standard Bank wanted to shift the blame to the client. Questions were even asked why she had a private banking account. How this relates to the issue is actually irrelevant, since she has the account for almost 30 years. What is alarming though is how the bank just brushes the matter off as if it was nothing. This not only raises serious questions but also alarm bells. It boils down to the fact that clients can no longer trust their financial institutions. In addition, what risk mitigating measures are in place at Standard Bank, to prevent similar *****ulent activities and are some banks more prone to ***** than others? The main concern for Standard Bank though should be protection of their brand name. Saving a few rand on a small client may seem wise, but the long-term effect may be losing the accounts of corporate business with a bigger impact.