Standard Bank explains how Dowerglen woman lost R1.2m to cyber scam
Following the R1.2m fraud involving a Dowerglen couple, Standard Bank has warned customers to remain alert to sophisticated cyber scams and malicious software.
In light of Dowerglen resident Luisa Westphal getting scammed out of over R1m, one of the banks whose accounts were targeted during the cyber attack has commented on the matter.
Standard Bank spokesperson Ross Linstrom stated that the bank takes all incidents of fraud extremely seriously and recognises the significant financial and emotional distress these crimes can cause for affected clients and their families.
“While we are limited in what we can disclose publicly about an individual client’s banking relationship. We can confirm that we investigated this matter thoroughly in line with our established procedures.
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“Our investigation found that fraudsters used a social engineering scam in which an individual posing as a legitimate representative of a trusted organisation persuaded the client to download an application from an unauthorised source,” said Linstrom.
He said this resulted in malware being installed on the device, enabling the fraudsters to gain access to information and perform transactions that appeared to originate from the client’s trusted device.
“Malware is malicious software that is secretly installed on a phone, tablet or computer through a link or attachment, and can allow cybercriminals to access sensitive information, monitor activity, capture passwords, or take control of the device without the user’s knowledge.
Linstrom said, “The bank can confirm that R199 999 was transferred from Mr Westphal’s account.
“Based on the information available to us, the circumstances are consistent with a known form of cyber-enabled fraud that relies on deception and malware rather than a compromise of the bank’s systems.”
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He said the fraudsters had successfully coerced the client into actions that enabled them to operate from the compromised device and authenticate transactions as though they were the legitimate user.
Following notification of the fraud, the bank acted immediately in accordance with its fraud response procedures, including attempts to recover the funds.
Unfortunately, the funds had already been withdrawn or utilised and could not be recovered.
Linstrom emphasised that Standard Bank urges all clients to remain vigilant when receiving unsolicited calls, messages or links, even when they appear to come from trusted organisations.
“Applications should only be downloaded from official app stores, and clients should immediately contact their bank if they suspect that their device or banking profile has been compromised.”
