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media statement: Bank acts quickly

27 June 2005 Angelo Coppola

Standard Bank has identified approximately 1500 credit card customers who could potentially be affected by the recent breach of payment card data by a third party processor in the United States.

All these customers are being contacted in order to replace the compromised accounts with a new one, as a security precaution.

As soon as Standard Bank became aware of the security breach, it immediately launched an investigation to establish how many of its customers had been impacted. Investigations showed that the security of 1500 credit card accounts could have been compromised.

“We immediately started monitoring these accounts to check for any usual transactions. So far, none of these accounts have been used for any fraudulent activity,” said Mike Olsen, Standard Bank Card Division Director.

“This is merely a precaution to protect our customers and the bank against any potential fraud. These cardholders will obviously not have to pay to have their cards re-issued, and we are doing whatever we can to make the replacement process as painless as possible for our customers,” said Olsen.

Olsen stressed that all Standard Bank credit card holders are protected against potential fraud through the lost card protection policy that is automatic for all cardholders.

However, he did go on to say: “It is important that customers check their card statements for any suspect transactions and inform us as soon as possible so that we can investigate.”

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QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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