Standard Chartered Bank

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Standard Chartered Bank

Postby admin » 26th July 2010, 12:59

Dear Esteemed Customer,

In the last few days, some retail banking customers in Zambia have reported suspicious Debit Card transactions on their accounts to their different Banks. Our initial investigations have revealed that some cards in the market could have been cloned and/or skimmed and these were now being used outside the country to transact on both ATMs and Points of Sale machines. The Bankers Association of Zambia may soon issue a statement to the general public.

In order to protect the customers’ funds and to ensure that customers are not inconvenienced, a number of Banks have taken various protective and preventive measures. Some banks have blocked certain countries while others have reduced transaction limits in certain countries. For example, Standard Chartered Bank has blocked card transactions in 21 high risk countries. The Bank has further reduced the limit from USD2,000 to USD200 for all non-SCB card transactions. However, the withdrawal limits on SCB ATMs has remained at ZMK9,900,000. Further the Bank has blocked all transactions on some cards where a suspicious transaction has been identified and replacement cards are currently being issued.

Will I get a refund if I have lost money in the process?
Naturally, the Bank will verify the particular transaction and will advise the next action. As a normal banking practice, if the bank’s investigations prove that you were not involved in the disputed transaction, the Bank will normally reverse the disputed transaction and ensure that you are not inconvenienced.

Can I continue to use my Card?
All customers can continue to use their cards normally. However, customers are advised to continue observing the security tips advised by their Bank.

Can I use my card outside the country?
Due to the current potential risk some countries have been blocked and the transaction limits in some countries have been revised. Customers are encouraged to ensure that they check with their banks on the status for their destination before they travel.

Should I do anything now?
Be calm and trust that your bank is taking care of your funds. The Central Bank has done a commendable job to build a very strong banking industry in Zambia. Your funds should be very safe and every responsible bank will continue to ensure that its customers are not inconvenienced. If you notice, any suspicious transaction on your account, please do not hesitate to contact your bank.

Feel free to share this message with your friends and colleagues. For Standard Chartered Bank customers, you can call toll-free 5247 from any mobile network or the 24hrs hotline on 0977999990 or 0966999990 if you need further information.

Yours Sincerely,

Standard Chartered Bank
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