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Standard Bank victim of R300m fraud in Japan

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Cape Town - Standard Bank [JSE:SBK] on Monday confirmed it was a victim of a sophisticated, coordinated fraud incident.

The bank said in a statement the incident involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan. There has been no financial loss for customers, the bank said.

However, the loss to the bank is estimated at R300m. This is prior to any potential recoveries that may serve to reduce the loss, the bank said.

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