A fraud ring has siphoned off millions of taka from the credit cards of Standard Chartered Bank (SCB) customers in Bangladesh, exploiting mobile financial service (MFS) platforms such as bKash and Nagad, according to bank and regulatory sources.
The scheme came to light in late August when 54 SCB customers reported unauthorized transfers of Tk 50,000 each — totaling Tk 2.7 million — from their accounts to various MFS wallets. The funds were quickly withdrawn by the perpetrators, leaving no trace.
Following the scam, SCB suspended its “Add Money” facility from bank cards to bKash and Nagad accounts. In text messages to customers, the bank said the feature had been temporarily disabled “for secure transactions.” SCB has also notified Bangladesh Bank and law enforcement authorities, with the central bank confirming it has begun an investigation.
Multiple customers described a similar pattern on social media: they received one-time passwords (OTPs) for transactions they did not initiate, and within seconds Tk 50,000 was debited from their accounts, despite them not sharing the OTPs or using suspicious apps or websites.
Hasin Haider, one affected customer, wrote on Facebook: “Tk 50,000 was suddenly transferred from my Standard Chartered Visa card to a bKash account. I didn’t share my OTP with anyone, yet within 20 seconds the money was gone. The bank claims it’s my responsibility because the OTP was used. I believe this is a security issue on the bank’s side.”
Another victim, Sadia Sharmin Brishti, said this was the first such fraud in more than seven years of using her SCB card.
SCB officials told reporters that both local and global security teams had reviewed the bank’s systems and found no breach. “Since the fraud occurred through MFS ‘Add Money’ options, the issue needs to be clarified by the MFS companies,” one official said.
Bangladesh Bank sources confirmed that the funds transferred to MFS accounts were withdrawn in cash within minutes, and the associated numbers were quickly deactivated, suggesting the involvement of an organized and skilled fraud ring.
SCB Bangladesh’s Managing Director Lutful Habib said: “So far, 54 customers have filed complaints. We have informed law enforcement agencies and Bangladesh Bank, and investigations are under way. The true picture will emerge, and the perpetrators will be brought to justice.”
He added: “No weaknesses have been found in our technology systems. Since the fraud stemmed from MFS ‘Add Money’ options, we’ve temporarily suspended transfers from our bank cards to MFS apps. We’ll decide on reinstating the service once the investigation concludes.”
