A conman posed as Barclays chairman Marcus Agius to get a Barclaycard from call centre processing staff.
The man is then said to have walked into a high street branch of Barclays posing as the chairman, and drew out £10,000 in his name.
Barclays honoured its commitment to refund any Barclays customer who becomes the victim of identity theft, and handed the £10,000 back to its chairman.
The conman is believed to have used personal details of Agius found online to get his illicit Barclaycard.
A Barclaycard spokesman said, "It was down to human error, procedures were not followed fully and we have learned from it."
Agius said, "Credit card fraud is an issue which our industry continues to confront."