In South Africa Standard Bank loses $19 million in card scam

The bank said its South African operations suffered the losses, not its customers, and that the authorities had been alerted, the bank said in a statement without elaborating.

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The logo of South Africa's Standard Bank is seen above the company's headquarters in Cape Town, South Africa May 6, 2016. REUTERS/Mike Hutchings/File Photo play The logo of South Africa's Standard Bank is seen above the company's headquarters in Cape Town, South Africa May 6, 2016. REUTERS/Mike Hutchings/File Photo
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South Africa's Standard Bank said on Monday it had lost 300 million rand ($19 million) in a card fraud incident in Japan, after the perpetrators used counterfeit cards to withdraw cash from automatic teller machines.

The bank said its South African operations suffered the losses, not its customers, and that the authorities had been alerted, the bank said in a statement without elaborating.

"Standard Bank has taken swift action to contain the matter and the gross loss to the bank is estimated at 300 million rand. This is prior to any potential recoveries that may serve to reduce the loss," the bank said.

It was not clear when the fraud took place.

Officials at the bank were not available to comment.

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