Local Japanese site, The Mainichi has reported that 1.4 billion Yen ($12.7 million or about R199 million) was stolen from ATMs located in convenience stores around Japan.

Now it turns out the information was leaked by South African bank, Standard Bank and that the amount lost is higher than initially reported. The bank revealed that it has lost R300 million in what it calls a “sophisticated, coordinated fraud incident“.  The bank explains that its customers have not suffered any financial loss in the incident:

The target of the fraud has been Standard Bank and there has been no financial loss for customers.

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The Mainichi’s sources report that the massive amount of money was stolen within a two hour period on 15 May 2016. The cash withdrawals took place in 16 different convenient stores across Tokyo. More than 14 000 transactions took place during this two hour period. The site goes on to report that Japanese authorities suspect that stolen South African credit card information was used to make counterfeit cards which were used to withdraw the cash from ATMs inside convenience stores across country.

According to The Mainichi South African authorities will be cooperating and collaborating with Japanese authorities to investigate the theft. The two countries will cooperate through the International Criminal Police Organization to establish how South African credit card information has been stolen and used to create counterfeit credit cards. The ATM data apparently shows that South African credit card information of more than 1 600 people was stolen and used in this theft.

Japanese authorities suspect that  more than 100 people were involved in organising and executing this massive theft.

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