Former Standard Bank software expert Henry McMurray allegedly stole close to R6.3 million from the bank by inflating amounts in transactions processed by six of his “acquaintances”, Mail & GuardianMcMurray tried to make off with R6,279,716 through 25 transactions with which he interfered between 13 July and 3 August 2017, according to the National Prosecuting Authority .
“The bank has a zero-tolerance stance against fraud of any kind and will vigorously pursue wrongdoing within the confines of the law,” they added. He processed a similar transaction on 21 July when he again added three zeros to a transaction amount of R47 paid into his co-accused’s account, causing the deposit to reflect that Anosike had R47,000 in the bank.Standard Bank is not the only financial institution to have levelled fraud allegations against former IT staff. The South African Post Office’s Postbank halted South African Social Security Agency withdrawals after R18 million was stolen.
“A lot of these weaknesses come from the system itself because it came with a number of flaws that needed to be addressed over time.”to fraudulent transactions by external syndicates to access its systems with the help of insiders.
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