Standard Bank Failed to Prevent ***** – I Want My Full R10,500 Back!

I am deeply disappointed in how Standard Bank (SBSA) has handled my ***** case. Their delays, misinformation, and failure to uphold FICA ***** prevention standards make me question whether they are protecting a ****ming customer instead of law-abiding South Africans.

Timeline & Summary of Events: 1. November 5, 2024 – I made a Standard EFT payment of R10,500 from my FNB account to a Standard Bank account (*** - S. Matshaya) for a construction job.

2. November 6, 2024—Realizing I had been ****med, I immediately reported the ***** to FNB, which then requested Standard Bank’s assistance in recovering the funds.

3. November 6, 2024 – SBSA secured R5,500 from the ****mer’s account but failed to inform me or FNB.

4. November 11, 2024 (08:55 AM) – SBSA falsely claimed my dispute was denied due to "no authority to debit," despite already securing the R5,500.

5. For 11 weeks, FNB was waiting for SBSA to provide information about the funds, but SBSA remained silent. I persistently followed up, yet SBSA failed to provide any updates.

6. January 7, 2025 – I logged a complaint with the Banking Ombudsman.

7. January 11, 2025 (4 days after my Ombudsman complaint) – Only then did SBSA inform FNB that the R5,500 had been secured. That is when I received the indemnity form—after 11 weeks of complete silence.

8. Why did SBSA falsely claim “no authority to debit” on November 11, when it had already secured R5,500 on November 6?

9. Why did SBSA take 11 weeks to inform FNB that the funds were secured? If they were acting in good faith, why withhold this information?

10. Why did it take an Ombudsman complaint for SBSA to finally acknowledge the R5,500? Clearly, they had no intention of returning any money until external pressure was app****.

11. Why was I not informed that the R5,500 was still being held until 11 Jan 2025? SBSA deliberately kept both FNB and me in the dark.

12. How did my standard EFT clear in a few hours when it was not an immediate payment? Normal FNB-to-Standard Bank transactions take at least 24 hours, yet the ****mer withdrew R5,000 the same day. Did SBSA fast-track this transaction?

13. Why has SBSA failed to uphold FICA ***** prevention standards? Banks are legally obligated to prevent *****ulent transactions, yet they allowed this to happen unchecked.

I refuse to accept R5,500 as "hush money" when the full R10,500 should be refunded due to SBSA’s gross negligence and failure to follow FICA ***** prevention standards.

This was a standard EFT, not an immediate payment. The ****mer should never have had access to the funds so quickly.

SBSA’s handling of this case has been deceptive—first claiming "no authority to debit," then suddenly admitting they secured R5,500 only after I involved the Ombudsman.

SBSA knowingly delayed the process for 11 weeks, only responding when forced.

The speed of the ****mer’s withdrawal remains a mystery.

It is completely unacceptable that SBSA failed to prevent this ***** and has refused to take accountability. I demand the full R10,500 refund, not just the R5,500 they secured and failed to inform me about.

🚨 To all South Africans: If you fall victim to a ****, don’t expect Standard Bank to protect you—they might protect the ****mer instead! 🚨