Money ‘vanished’ from credit cards: What is Standard Chartered Bank saying?

The problem surfaces after one user reports “fraudulent” withdrawal of Tk 50,000

Standard Chartered Bank has said it has taken “immediate action” after reports that money disappeared from the credit cards of several customers.

In a media statement on Saturday, the bank said refunds have already been issued to affected accounts, with further measures to follow after investigation.

Earlier this month, a customer named Hasin Haider reported on Facebook that Tk 50,000 had been “fraudulently” withdrawn from his Standard Chartered credit card.

Several others later came forward with similar complaints.

News reports later revealed that Tk 2.7 million was taken from the credit cards of 54 customers.

In its statement, the bank said customers could normally transfer money to mobile financial services through its app or online banking. But to prevent further loss, the “Add Money” feature on these platforms has been suspended temporarily.

The bank said its representatives had spoken with each affected customer, adding that the incidents were not recent and assuring clients there was no fresh cause for concern.

The statement also said officials were working jointly with regulators and law enforcement agencies to resolve the problem quickly and identify the root cause.

Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said: “A Bangladesh Bank observation team is visiting the offices of all relevant institutions to review processes and systems. We have already reported the incident to law-enforcing agencies.”

Following a full review of banking platforms and transaction processes, authorities maintained that there were “no lapses” in Standard Chartered’s security system.

The bank added that its internet banking portal and mobile app continue to operate as “secure and fully encrypted payment channels”.