Standard Chartered refunds money clients lost in credit card fraud

Standard Chartered Bangladesh, the largest multinational bank operating in the country, has refunded its credit card customers who lost money in a series of fraudulent incidents.

In a statement yesterday (26 September), the bank said that during early September, they received complaints regarding fraudulent transactions from credit cards, through OTPs that were not generated by the clients. Based on these, the Bank has taken several steps to safeguard its clients.

Naser Ezaz Bijoy, chief executive officer (CEO) of SCB, said, "A team from Bangladesh Bank is visiting each of the stakeholders' offices to review the process and the system."

SCB has already reported the issue with supporting information to law enforcement agencies, he said.

"To avoid inconvenience to our clients, we have refunded the sums involved to the affected cards. Pending completion of investigations and based on the outcome of the investigation, we will settle with the relevant stakeholders," he added.

Thorough investigation of SCB banking platforms and processes showed that there has been no gap in Standard Chartered security system. The Internet Banking portal and SC Mobile App remain as the most safe, secure and encrypted payment channels, said CEO Bijoy.

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Using apps or online banking, clients can easily transfer funds to Mobile Financial Services (MFS), he opined.

However, to safeguard clients from external threats, SCB has temporarily suspended the 'Add Money' feature in MFSs, he said.