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Standard Bank Lost $19 Million to ‘Sophisticated’ Fraud in Japan

Standard Bank Group Ltd., Africa’s biggest bank by assets, said it lost as much as 300 million rand ($19 million) to organized fraud in Japan.

The bank has “been the victim of a sophisticated, coordinated fraud incident,” the Johannesburg-based lender said in a statement on Monday. “This involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan. The target of the fraud has been Standard Bank and there has been no financial loss for customers.”