Standard Bank has dismissed social media claims that a customer’s pension funds were “lost”, saying the allegations circulating online are inaccurate.
“Standard Bank is aware of recent social media claims alleging that a customer’s pension funds were “lost” and suggesting that similar cases are widespread. These claims are not accurate or correct,” the bank said.
The bank issued a statement after several customers took to social media alleging that large sums of money had been withdrawn from their accounts without their authorisation.
Some customers claimed that hundreds of thousands of rand had been removed from their accounts.
One user alleged that R300,000 was withdrawn at the bank’s Acornhoek branch while the account holder was in Nelspruit.
Another customer claimed that more than R600,000 had been moved from an account that was reportedly locked.
In some cases, customers said the transactions appeared on their bank statements as branch visits or internal account movements.
Responding to complaints online, Standard Bank asked affected clients to send their details via direct message so the matters could be investigated.
The bank also encouraged customers to report concerns through its official fraud-reporting channels.
The bank said one widely shared case referenced in the posts had already been investigated and resolved.
“The matter referred to in the social-media post relates to transactions that occurred in 2011. A case that was brought in 2023 was fully investigated, resolved and closed in June 2023,” the bank said.
Standard Bank added that the customer had also lodged a complaint with the Financial Sector Conduct Authority (FSCA), which supported the bank’s findings.
“All the disputed transactions were legitimate and correctly processed. The internal investigation and assessment by the FSCA found no evidence of fraud, unauthorised activity or bank error in this case,” the bank said.
The bank said it remains committed to protecting customers’ funds and continues to work with regulators to prevent financial crime.
“We remain fully committed to the safety and security of our customers’ funds and continue to work closely with regulators and industry partners to protect clients from financial harm,” said Standard Bank.
“Customers who have concerns about their accounts are encouraged to contact the bank directly through our official channels so we can provide prompt assistance,” they said.
TimesLIVE