Standard Chartered Bank Zambia PLC has suspended access to its 27 ATMs in Zambia because of fraud involving counterfeit Visa-branded debit cards, local newspaper Lusaka Times reported.
An investigation by local authorities revealed that information-technology experts at some banks operating in the country were selling codes and passwords to a Dubai-based criminal cartel, according to Lusaka Times. Crooks would use the information to create counterfeit ATM cards and use them to withdraw large amounts of cash in South Africa and Dubai. Authorities did not say how much money the crooks stole.
Local police have seized documents, and some banks are investigating certain suspects regarding the alleged illegal sale of the information. The local units of Standard Chartered and Barclays Bank were affected the most, with incidents of massive fraudulent withdrawals in Dubai, various media reports indicated.
Both Standard Chartered and Barclays Bank Zambia refused to comment, and it was unclear whether Barclays also suspended access to its ATMs.
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