24 August 2004
Standard Bank staff vigilance helped prevent more than R286 million fraud
against the bank last year.
Says Craig Bond, Director: Distribution and Card Services at Standard Bank:
"Standard Bank has high ethical standards that are reflected in the
way we do business. We are committed to the principles of responsible corporate
conduct and will not tolerate fraud, corruption, theft, maladministration
or any other dishonest activity perpetrated against the bank or its clients."
To reward staff who have gone out of their way to prevent fraud, Standard
Bank has an incentive programme called Fraud Miles. Its objective is to
remunerate staff who report incidents of fraud or suspicious criminal activity.
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| Rewarded .... Sandra Ann
Hendricks of Cape Town with her R1 million cheque. She managed to prevent
a R500 000 fraud. |
Says Bond: "Our staff are our greatest weapon in fighting
crime and corruption. The Fraud Miles programme is aimed at encouraging
our staff to take ownership of exposing, preventing and detecting fraudulent
and unethical business practices, thereby promoting sound corporate governance."
Staff can earn miles for each incident of fraud that they report. The number
of miles depends on the value and type of the fraud frustrated on the basis
of a mile for every R100 fraud prevented. One mile equates to a rand and
staff will qualify for financial rewards once they have accumulated 1 000
Fraud Miles.
As an added incentive, a yearly prize of R1 million is awarded to one staff
member in a lucky draw. To qualify staff need to have collected at least
1 000 miles. This year there were 26 finalists entered in the lucky draw.
Since the introduction of Standard Bank's fraud prevention programme in
1999, Standard Bank staff have helped prevent R522,7 million fraud against
the bank.
A wide spread of fraud was detected by staff during the past year, with
cheque fraud being especially prevalent.
Standard Bank's millionaire crime fighter is Sandra Ann Hendricks of Cape
Town. She managed to prevent a R500 000 fraud where a staff member misappropriated
money from a customer. The staff member has been fired and criminal charges
have been laid.
"I am absolutely delighted," said a
beaming Ms Hendricks. "I plan to spend the money wisely. I will be
paying off my home loan and invest the rest of the money."
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