First National Bank (FNB) has issued a warning about a scam involving the illegal sale of South African business accounts to non-residents, mainly in Zimbabwe and Mozambique.
In a statement released on Friday, Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, said the fraudsters falsely present themselves as FNB representatives and use fake or stolen documents to open accounts under false company names.
“The fraud sees criminals falsely presenting themselves as FNB representatives and encouraging non-residents to open South African business accounts,” Jelal said.
According to the bank, the perpetrators are making use of both complicit and unsuspecting individuals, as well as stolen or fabricated identities. These include forged passports, falsified proof of address, and other related documents.
“These perpetrators are reportedly registering companies as South African entities,” the statement read. “To this end, these criminals will use complicit or unsuspecting victims, stolen identities, or synthetic identities, including passports, proof of address, and related party identification to open business profiles under false pretences.”
FNB emphasised that this activity is not authorised by the bank and violates its policies. “This activity is unauthorised and constitutes a serious breach of its policies and brand integrity. The bank does not operate in Zimbabwe and has not sanctioned any such account openings in that region,” it added.
The warning comes at a time of heightened concern over banking fraud in South Africa. The National Financial Ombud (NFO) recently reported that digital banking fraud has been rising sharply. While virtual banking cards were introduced to improve convenience and security, they have increasingly been targeted by criminals.
According to the NFO, fraud complaints linked to digital banking rose by 73% in the past year. Between January and May 2024, the NFO recorded 1,436 cases. In the same period this year, complaints increased to 2,483 cases.
FNB urged customers to be cautious and to verify any requests or communication that claim to come from the bank.
