Standard Bank staff vigilance helped prevent fraud of more than R286-million against the bank last year.
Said Craig Bond, director of distribution and card services at the 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.
Said 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 of 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, its staff have helped prevent R522,7-million in 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 Hendricks. “I plan to spend the money wisely. I will be paying off my home loan and invest the rest of the money.” — I-Net Bridge