Standard Bank denies claims of irregular, unauthorised deductions of client’s funds

Standard Bank has denied claims of irregular and unauthorised deductions of a client’s funds.

In a post on X, a client alleges that her mother’s pension money was transferred out to multiple accounts without her consent.

This has sparked public outrage, with other social media users making similar claims of a fraud syndicate going after exorbitant amounts.

In the social media post, the client accuses the bank of refusing to disclose where the money that was taken from her account was transferred to.

In a written response, Standard Bank said the claims are inaccurate.

The bank said the post relates to a matter that happened in 2011 and was investigated, resolved and closed in 2023.

The statement further added that the customer had also launched a complaint with the Financial Sector Conduct Authority (FSCA), which supported the findings of the investigations by the bank.

It said the transactions were legitimate and correctly processed, and the FSCA found no evidence of fraud, unauthorised activity or bank errors in the specific case.

The bank said it works closely with regulators to ensure customers are protected from financial harm.