Standard Bank Reveals Data Breach, Requests Clients To Change Banking Passwords

Standard Bank Reveals Data Breach, Requests Clients To Change Banking Passwords In a statement that read;

Standard Bank can confirm that it is aware that Experian South Africa is investigating an external credit bureau incident in which some of our client demographic information was fraudulently provided to a third party posing as a legitimate client of Experian (the credit bureau). We are working closely with Experian, the South African Banking Risk Information Centre (SABRIC), the Banking Association of South Africa (BASA) and the Southern African Fraud Prevention Service (SAFPS) to give this investigation the support and urgency it deserves.

We have proactively stepped up our authentication processes and our fraud prevention and detection strategies to protect our clients. As our measures are security sensitive, we are unfortunately not able to divulge more details. We understand the anxiety that this will cause for our clients and wish to assure them that we are doing everything possible to protect them during this difficult time.

We therefore request and advise our clients to do the following:

• Change banking passwords on our digital banking platforms and social media passwords
• For personal clients, register for DigiMe on the Standard Bank App
• Register for MyUpdates (free Standard bank SMS service) to be notified of all transactions over R100 on your accounts
• Contact the bank or your relationship manager immediately if you suspect your bank account(s) or card(s) have been compromised
• Do not share your personal details, banking details or one-time pin with anyone
• Register with SAFPS for protective registration – if anyone tries to apply for banking products with your ID, it will be declined or referred for further review. To do this go to https://www.safps.org.za/Home/OurServices_ApplyProtectiveRegistration

Understandably , concerned clients will want to know how their personal and business information was shared with Experian. Banks are required to submit to and obtain data from the credit bureaus. This is stipulated in the National Credit Act in instances which require a credit provider to check a consumer’s debt agreement history. Experian is one of the credit reporting partners to the financial services industry in South Africa to help institutions in making credit and loan decisions. Credit bureaus receive information from all creditors, as well as information from public records, such as property, court and “CIPC” (Companies and Intellectual Property Commission) records.

The safety and security of Standard Bank’s client information remain our top priority. We would like to reassure our clients and staff that we are treating this incident, and the investigation surrounding it, with the utmost priority and attention while working closely with Experian, SABRIC, SAFPS and BASA.

For more details on the matter, please refer to the attached media announcement by SABRIC and SAFPS.