FNB Warns of Scam Selling South African Business Accounts to Zimbabweans
First National Bank (FNB) has raised the alarm over a scam where criminals are illegally selling South African business accounts to non-residents, mainly in Zimbabwe and Mozambique.
According to the bank, the fraudsters pose as FNB representatives and use stolen or fake documents to open accounts under bogus company names.
How FNB Scam Selling South African Accounts to Zimbabweans Works
Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, explained that the criminals trick people by pretending to be FNB staff. They then rope in either willing accomplices or unsuspecting individuals, using forged passports, proof of address, and fake identities to set up these accounts.
“These perpetrators are reportedly registering companies as South African entities. 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”.
A Wider Fraud Problem
This warning comes at a time when financial fraud is on the rise in South Africa. The National Financial Ombud (NFO) recently revealed that digital banking fraud complaints have shot up by 73% in just a year — from 1,436 cases between January and May 2024 to 2,483 in the same period this year.
The bank made it clear that these activities are illegal and not linked to its operations. FNB stressed that it does not operate in Zimbabwe and has not authorised any such business account openings in the region. It added that new measures are being put in place to detect and block this kind of fraud.
“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. FNB is developing proactive measures to detect and prevent such fraudulent account openings and will continue to raise awareness through its official channels,” FNB said.
FNB also warned that anyone caught selling, facilitating, or using these fake accounts could face severe legal consequences.
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