Standard Bank under scrutiny over ‘unauthorised transactions’

A growing number of Standard Bank customers have taken to social media to share what they describe as devastating experiences of unauthorised transactions on their accounts.

The most prominent complaint comes from an account named Oddette, or @PinketteXO, whose pensioner mother allegedly had her entire monthly pension wiped from her account within two days of it being deposited.

According to the user, bank statements show the funds were transferred out at a branch in Acornhoek, Mpumalanga, yet her mother was in Nelspruit at the time.

“Despite this, the bank claims she performed the transactions but refuses to provide the account numbers where the money was sent,” Oddette wrote.

“When funds leave an account, there must be a clear record of the destination accounts. Refusing to disclose that information raises serious concerns about transparency and accountability,” she claimed.

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Standard Bank hits back

Standard Bank on Monday acknowledged the post but disputed the characterisation of events, clarifying that the matter related to transactions from 2011.

The bank said a case opened in 2023 was fully investigated, resolved, and closed, with a Financial Sector Conduct Authority (FSCA) complaint process also supporting its findings.

“The internal investigation and assessment by the FSCA found no evidence of fraud, unauthorised activity, or bank error in this case.”

“We remain fully committed to the safety and security of our customers’ funds,” the bank told The Citizen.

Oddette accused the bank of lying and demanded that it produce evidence of any assistance rendered.

Other customers unheard

Standard Bank’s response made no reference to other complaints circulating on the same thread.

Among them, Mr Dlamini described 10 fraudulent transactions of identical amounts being deducted from his account, approximately three minutes apart, with none of them flagged by the bank’s systems.

“Had I not gone through my transactions, this would’ve still gone unnoticed,” he said.

Dlamini also criticised the bank’s handling of his complaint.

“No official statement in sight from Standard Bank. Just automated DM responses, and they keep it moving. In the DMs, they then instruct you to call their fraud department as if that’s not the first thing one does in such situations,” he wrote.

Other people affected by similar incidents shared the following experiences:

How did the bank’s systems fail to detect over 15 transactions in a single night, some of which were for identical amounts? Why did these repeated and unusual patterns not trigger fraud alerts or account blocks?
These are some of the transactions. 🥹@StandardBankZA pic.twitter.com/CKIJ7ysBOo

– Lovedelia (@lovedelia01) March 9, 2026

I lost 300k in a short space of 2 hours from an Investment account with @StandardBankZA pic.twitter.com/AE2OsMQ2D0

– Pamela Madi (@madi_pamel91487) March 9, 2026

When Kehlani said “Safe, like the money, let it sit up in the bank, Safe!!” @StandardBankZA left the chat, your money is 100% NOT safe with them. The actual bank steals from you. Their own banker fraudulently transferred over R1M out of my aunt’s account during a course of a day…

– Miyaandy 🌸 (@Amahashi_) March 7, 2026

The complaints raise broader questions about whether Standard Bank’s fraud detection systems are equipped to catch suspicious patterns, such as multiple identical transactions processed within minutes, before damage is done.

‘No evidence of elevated fraud activity’

When asked about these security concerns and if it was confident in its fraud detection systems, the bank said there was no evidence of elevated fraud activity, “and our fraud prevention and security controls remain robust and effective”.

“Fraud remains a global concern, and Standard Bank is committed to working closely with our customers, industry partners, including the South African Banking Risk Information Centre (SABRIC), the Banking Ombudsman, and the relevant authorities, to continuously strengthen industry measures that protect customers’ accounts.

“Our priority has always been, and remains, to protect our customers and ask customers to remain vigilant for scams such as phishing, vishing, and smishing.”

The bank said customers with specific fraud concerns should contact them directly through official channels.

“Those who are not satisfied with the outcome of a specific case may approach the Ombudsman for an independent review.”

The national financial ombud has yet to respond to The Citizen‘s questions on the extent, nature, and resolutions of fraud complaints within the banking sector.

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Are banks dodging responsibility?

Several countries have regulations requiring service providers, such as banks, to assist and reimburse victims of financial scams on their platforms.

Professor Michelle Kelly-Louw, head of the department of commercial law at the University of Cape Town, previously told The Citizen that South Africa was significantly lagging behind, likely due to resistance from banks.

“Many of these international frameworks provide substantial protection and compensation to consumers for losses incurred due to fraud, often through well-established mechanisms that shift or share liability in a more balanced manner.

“Introducing similar protections in South Africa would likely face resistance from the banking sector, particularly around the potential financial and operational implications. One of the key arguments raised will be the issue of systemic risk, particularly if banks are expected to absorb high-value losses across a large customer base.”

Another step to keep customers safe would be to use technology in identifying potentially fraudulent activity. While Standard Bank and others do employ safeguards, their efficiency is mixed and debatable.

“Banks often call customers to verify suspicious activity, but many consumers ignore unknown numbers due to spam calls, despite protections under the Consumer Protection Act.

“As a result, important fraud alerts may be missed, and legitimate transactions may be blocked if flagged as unusual. Clearer AI regulation, better consumer communication, and improved awareness are essential going forward,” she said.

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