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
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.
“Standard Bank clients should know that all a fraudster needs to get your PIN read out to them by the bank’s automated service is your ID number, your phone’s SIM and your credit card,” said one of the victims, Grant Warren. “Never leave those three things unattended together.”..