Standard Bank’s lockdown PIN snafu costs its customers mounds of cash

All fraudsters needed was an ID, credit card and cellphone, and the bank’s self-service divulged the security code

23 August 2021 - 19:11 By wendy knowler

Most banks deny all liability for their clients’ banking fraud losses if the crimes were committed with their personal identification number (PIN), but what if the bank’s own self-service system read out that PIN to the fraudster?

That’s just what happened after three Standard Bank clients had their IDs, credit cards and cellphones stolen in separate incidents this year...

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