HC
Heяman Cowan

1 reviews | Active since Feb 2017

25 Jul 2018, 20:52

Your money isnt safe and they arent transparent about your money

I've been a victim of online banking ***** recently. It is allegdes by the bank that this happed via the banking app from a phone simular to mine and therefore they will not consider it as their negligence.

Monies were transfered from my account to a payment method loaded as a beneficiary and from that account transfered to numerous accounts. The payment method for online purchases is also loaded as one of the bank's preloaded beneficiaries simular to edcon etc. This led me to believe that it will be safe. I have used this beneficiary as payment method a couple of time for minor payment but ever since approxamitely March this beneficiary was stagnent. As from the month of June an alarming number of payment were made to this beneficiary which should have flagged at the bank. The bank never did the effort to phone concerning the payments made.

After being ill for a prolonged period I realised that transactions were made and immediatly contacted the bank.

They conducted their "investigation" after supposedly contacting the beneficiary and obtaining information from them, which I dont know how without my concent.

Besides the above mentioned they concur that my details might have been obtained from spyware etc but it remains my fault as "I compromised the security" of my devises which can not be substantiated.

After requesting the information drawing the conclusion it was stated that its the property of the bank.

After further questioning from my side it was stated that I compromised the security which only relies on my e-mail and password.

The question remains after numerous consecutive transactions which never happed before to the particular beneficiary which I submit is a payment method account didnt it flag on their side. Furthermore there was suspicious interaccount transfers which should have been a concern on its own.

I have to bring under the readers attention that Standard Bank does not request an OTP when logging in, if the user pays a beneficiary there is also no OTP request.

Thus meaning that there is no protection for clients of Standard Bank whilst using online banking.

This is utter negligence on behalf of the bank authorising suspicous activity without confirming anything with the client and just merely authorising transactions without confirming that it is genuinly authorised by the client.

After some research it is evident that it is the banks generic response to online *****.

Which concerns me even more is the fact that I will have to pay interest on my credit card for monies I never used after making major downpayment.

0
Replies (7)
Standard Bank
Standard Bank's reply26 Jul 2018, 03:47
Official

Thank you for posting your comment.

We assure you that as an organization we are committed to providing the best possible service and assure you that this will be addressed as a matter of urgency. Kindly provide us with your account or id numbers in order for us to escalate your matter further to the below email address:

- Email: ***

We apologize for the inconvenience and undue frustration, this has caused.

We greatly appreciate your continued support

Kind regards

Niyaaz Jardine

Complaint Resolution Centre
***
*** (fax)
***

HC
Heяman Cowan's update26 Jul 2018, 21:51
Reviewer Update
Surely I will do the same but as the teamleader of the investigating department said their decision will remain the same. They are furthermore not willing to supply me with any comment on reasonable questions, as it was stated that Im mearly looking for an answer to keep the bank liable for the loss. It is evident that me reporting the matter to my "trusted" bank for the past 15 years, which my father introduced to me is mearly investigating a matter to protect themselves but not the client which I duly believed will act in my, the clients, best interest, supporting me and investigating the matter in order to resolve and not just merely giving a generic response. Thus implying not just the response from the investigating team but also the above. The investigation officer received my flag on the friday, by the monday morning their decision was already made. Stating that a full investigation was done. After doing brief research online it was evident that it is a generic response from the bank and that in 2017 approx 70 individuals were represented in court for the same. Ultimately it boils down to the fact that the client of Standard Bank has limited liability and the bank caries the burden to ensure that the client was indeed the person authorising particular transaction. Standards Bank refuses to supply the client with information, supposedly gathered and the client is unable to prove and or partake in the investigation based on the above. After starting with my own personal investigation it became evident that the situation is much larger than initially suspected. This I thought #standardbank would realise and devulge to me as client acting in my best interest but that is not the case, instead they acted in their own interest and failed to investigate the matter on its clients behalf who had faith in them. It is evident that from the banks perspective that they only "investigated" the matter to protect themselves. As a disgusted client with majority of my assets with standard bank and also providing referrals, regardless of my 15 years of being a loyal client Im considering moving to a different bank where I can take a selfie to open an account. Who will provide me with the relevent network security to ensure that every transaction is made and authorised by me. With the above in mind the team leader Jabulile Libisi stated that the only security Standard bank provides is your personal password for online transactions for beneficiaries. Keeping in mind that this beneficiary is a pre-loaded / a known entity to the bank, therefore they know the purpose or the business dealings of the relevant entity and should be aware that its a possible security risk thus placing me as a client at risk. This particular individual also stated that they cant control/ flag suspicious activity as there are thousands of transactions taking place per second: now I wonder firstly how is it possible for other banks to phone their clients to raise flagged activity, how is it possible for other banks to send an OTP (even with benificiaries) to ensure that it is indeed the client who is conducting the transaction considering the fact that this is the ultimate responsibility of the bank. Which in this case was not the case. Im disgusted to the core and my trust is broken, this does not just have a financial implication to myself but also a grave emotional impact. Regards Your most disappointed client and just a number
Standard Bank
Standard Bank's reply27 Jul 2018, 12:00
Official

Thank you for bringing your concerns to our attention.

Your concerns have been escalated to our management team.

We appreciate your support and loyalty.

Kind regards

Complaint Resolution Centre

***

***

Standard Bank
Standard Bank's reply27 Jul 2018, 12:00
Official

Thank you for bringing your concerns to our attention.

Your concerns have been escalated to our management team.

We appreciate your support and loyalty.

Kind regards

Complaint Resolution Centre

***

***

Standard Bank
Standard Bank's reply01 Aug 2018, 11:52
Official

Thank you for allowing us the opportunity to look into your matter.

An email response has been sent to you.

We appreciate your support and loyalty.

Kind regards

Complaint Resolution Centre

***

***

Standard Bank
Standard Bank's reply01 Aug 2018, 11:52
Official

Thank you for allowing us the opportunity to look into your matter.

An email response has been sent to you.

We appreciate your support and loyalty.

Kind regards

Complaint Resolution Centre

***

***

Standard Bank
Standard Bank's reply01 Aug 2018, 11:54
Official

Thank you for allowing us the opportunity to look into your matter.

An email response has been sent to you.

We appreciate your support and loyalty.

Kind regards

Complaint Resolution Centre

***

***