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Research Article Open Access

JAPAN ATM SCAM - A SOPHISTICATED, COORDINATED FRAUD INCIDENT

Abstract

Standard Bank of South Africa had lost Rand 300 million in an ATM scam. Scam is executed by an international criminal organization in Japan using fake cards of the customers of Standard Bank of South Africa on 15th May 2016. This fraud is unique in many ways such as location of the fraud vis-à-vis location of the affected bank, duration of the fraud (after office hours), number of person involved (unusually large), fraud amount, number of transactions (unusually large in 3 hours), number of machines used, etc. Keeping in view the unique nature of this scam which looks similar to phishing, this research paper presents an analysis the of key facts about the Standard Bank; ATM fraud; selection of ATM cash counters and country; possible ways of committing crime; status of investigation; possible suggestions for banks; concluding remarks. Secondary data available on Internet is used in research paper for the purpose of drawing conclusions.

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