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Fake FNB accounts sold to non-residents, including Zimbabweans
4 hrs ago | Views
First National Bank (FNB) has issued a warning over a fraudulent scheme in which criminals are illegally selling South African business accounts to non-residents, particularly in Zimbabwe and Mozambique.
In a statement released on Friday, Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, said fraudsters are misrepresenting themselves as FNB officials and using 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,” the bank said.
According to FNB, the perpetrators are exploiting complicit or unsuspecting individuals to establish business profiles. They reportedly use stolen or synthetic identities, including forged passports, proof of address, and other related documents, to register companies as South African entities.
The warning comes amid a sharp rise in banking fraud cases across South Africa. The National Financial Ombud (NFO) recently revealed that digital banking fraud complaints surged by 73 percent in the past year — rising from 1,436 cases between January and May 2024 to 2,483 cases during the same period in 2025.
FNB stressed that it has not sanctioned any such account openings outside its jurisdiction, adding that the fraudulent activity constitutes a serious breach of its policies and brand integrity. “This activity is unauthorised. The bank does not operate in Zimbabwe and has not sanctioned any such account openings in that region,” the statement said.
The bank added that it is strengthening its detection systems to identify and block suspicious account openings and will continue raising awareness through official communication channels.
FNB also warned that individuals found to be involved in the scam — whether by selling, facilitating, or using fraudulently opened accounts — face severe repercussions. These include termination of accounts, blacklisting from future banking services, legal action, and possible criminal charges, as well as reporting to relevant regulatory authorities.
In a statement released on Friday, Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, said fraudsters are misrepresenting themselves as FNB officials and using 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,” the bank said.
According to FNB, the perpetrators are exploiting complicit or unsuspecting individuals to establish business profiles. They reportedly use stolen or synthetic identities, including forged passports, proof of address, and other related documents, to register companies as South African entities.
The warning comes amid a sharp rise in banking fraud cases across South Africa. The National Financial Ombud (NFO) recently revealed that digital banking fraud complaints surged by 73 percent in the past year — rising from 1,436 cases between January and May 2024 to 2,483 cases during the same period in 2025.
FNB stressed that it has not sanctioned any such account openings outside its jurisdiction, adding that the fraudulent activity constitutes a serious breach of its policies and brand integrity. “This activity is unauthorised. The bank does not operate in Zimbabwe and has not sanctioned any such account openings in that region,” the statement said.
The bank added that it is strengthening its detection systems to identify and block suspicious account openings and will continue raising awareness through official communication channels.
FNB also warned that individuals found to be involved in the scam — whether by selling, facilitating, or using fraudulently opened accounts — face severe repercussions. These include termination of accounts, blacklisting from future banking services, legal action, and possible criminal charges, as well as reporting to relevant regulatory authorities.
Source - IOL
