FNB warns against fraudulent business account schemes targeting non-residents
With the threat of fraud on the rise, FNB is taking strong measures to protect its brand integrity and its customers. Discover how you can safeguard your business and stay informed against the growing tide of financial deception.
Image: Supplied
In an alert to the public, First National Bank (FNB) has issued a warning regarding a blossoming fraud operation that exploits non-residents, particularly those from Zimbabwe and Mozambique, by selling them fraudulent FNB Business Accounts.
The scam involves individuals posing as bank representatives with the intention of luring these international clients into setting up bogus company accounts within South Africa.
The fraudulent schemes are said to involve the registration of companies under the guise of South African entities, often using victims’ stolen identities or even synthetic identities, including forged passports and proof of address, to unlawfully establish business profiles.
In a statement, Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, expressed concerns over the misuse of FNB's brand, assuring the public of the bank’s commitment to combatting fraud.
“FNB maintains a zero-tolerance policy towards fraud and misrepresentation,” Jelal emphasised.
“We have reported this matter to the relevant law enforcement agencies for further action, confirming that the bank does not operate in Zimbabwe, nor have we sanctioned any account openings in that region.”
The consequences for those entangled in this fraudulent enterprise are severe. Individuals found to be either selling or using these falsely acquired business accounts risk facing account termination, blacklisting from future banking services, possible legal action, including criminal charges, and reporting to relevant regulatory authorities.
FNB urges the public to stay alert in the face of these disturbing developments. If anyone encounters or suspects any fraudulent activity, the bank advises refraining from engaging or sharing personal information.
Instead, they recommend reporting the incident immediately to the FNB Business Fraud Hotline at 087 575 9444.
Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office.
Image: Supplied.
For individuals calling from outside South Africa, the alternative number is +27 11 371 3711, followed by the 087 number when prompted.
Evidence related to the fraud can be emailed to fraud@fnb.co.za.
In an ongoing effort to bolster security and raise awareness, FNB is developing proactive measures to detect and prevent such fraudulent activities while encouraging all customers and stakeholders to remain vigilant.
The bank reminds everyone that official communications will always emanate from verified FNB channels, and updates will be made available at www.fnb.co.za.
BUSINESS REPORT