Friday, 10 October, 2025
Bangladesh Bank has launched an urgent investigation into alleged credit card fraud at Standard Chartered Bank (SCB) Bangladesh after reports surfaced of a series of unauthorised transactions.
Banking sector sources said the central bank is treating the case as a high-priority matter amid allegations that a fraud ring siphoned funds from multiple customer accounts.
According to preliminary reports, around Tk 27 lakh was stolen from 54 SCB credit card holders in the last week of August. In response, SCB temporarily suspended credit card transfers to mobile financial service (MFS) platforms such as bKash and Nagad as a precautionary measure.
A number of victims reported that without their knowledge or any transaction, Tk 50,000 was transferred from their cards to bKash and Nagad accounts in each instance. The money was then quickly withdrawn by the fraud group, and the MFS accounts were immediately closed.
Bangladesh Bank officials said that the money sent to the fraudulent bKash and Nagad accounts was cashed out within minutes, and the accounts were subsequently shut down. This suggests an experienced fraud group is behind the incident.
In messages sent to customers, the bank stated that the "Add Money" option to MFS apps had been temporarily suspended for security purposes. The bank also reported the matter to Bangladesh Bank and law enforcement agencies. Bangladesh Bank has already initiated an investigation.
Several victims have taken to social media to detail their experiences, adding to public concern over the breach.
One customer, Hasin Haider, wrote that Tk 50,000 was debited from his card and transferred to a bKash account without his consent. He said he had received an OTP on his phone but did not share it with anyone, suggesting the transfer — which was completed within seconds — pointed to a security lapse on the bank’s end.
Another victim, Sadia Sharmin Brishti, said that in seven years of using her SCB credit card, she had never faced such an incident until Tk 50,000 was suddenly withdrawn from her account.
In response to the complaints, SCB officials said their local and global technology teams conducted a security review but found no flaws in the bank’s systems. They argued that since the fraudulent transfers were executed through mobile financial service (MFS) platforms, it was those providers’ responsibility to clarify how the breaches occurred.
Comments
Bangladesh Bank has launched an urgent investigation into alleged credit card fraud at Standard Chartered Bank (SCB) Bangladesh after reports surfaced of a series of unauthorised transactions.
Banking sector sources said the central bank is treating the case as a high-priority matter amid allegations that a fraud ring siphoned funds from multiple customer accounts.
According to preliminary reports, around Tk 27 lakh was stolen from 54 SCB credit card holders in the last week of August. In response, SCB temporarily suspended credit card transfers to mobile financial service (MFS) platforms such as bKash and Nagad as a precautionary measure.
A number of victims reported that without their knowledge or any transaction, Tk 50,000 was transferred from their cards to bKash and Nagad accounts in each instance. The money was then quickly withdrawn by the fraud group, and the MFS accounts were immediately closed.
Bangladesh Bank officials said that the money sent to the fraudulent bKash and Nagad accounts was cashed out within minutes, and the accounts were subsequently shut down. This suggests an experienced fraud group is behind the incident.
In messages sent to customers, the bank stated that the "Add Money" option to MFS apps had been temporarily suspended for security purposes. The bank also reported the matter to Bangladesh Bank and law enforcement agencies. Bangladesh Bank has already initiated an investigation.
Several victims have taken to social media to detail their experiences, adding to public concern over the breach.
One customer, Hasin Haider, wrote that Tk 50,000 was debited from his card and transferred to a bKash account without his consent. He said he had received an OTP on his phone but did not share it with anyone, suggesting the transfer — which was completed within seconds — pointed to a security lapse on the bank’s end.
Another victim, Sadia Sharmin Brishti, said that in seven years of using her SCB credit card, she had never faced such an incident until Tk 50,000 was suddenly withdrawn from her account.
In response to the complaints, SCB officials said their local and global technology teams conducted a security review but found no flaws in the bank’s systems. They argued that since the fraudulent transfers were executed through mobile financial service (MFS) platforms, it was those providers’ responsibility to clarify how the breaches occurred.
Comments
