FNB fraud warning
FNB has warned the public about fraudulent activity targeting banking customers in South Africa, including scammers targeting shoppers over the year-end shopping season.
Chris Boxall, head of card transact, industry, and fraud detection at FNB, highlighted how malicious actors exploit busy year-end periods and how consumers can protect themselves.
“Fraud has become more than just card skimming or stolen details. Scammers are becoming increasingly sophisticated in the ways in which they execute social engineering,” said Boxall.
Phishing and vishing are examples of social engineering techniques through which scammers attempt to coerce victims into disclosing sensitive information over the phone through messages and voice calls.
“From phishing and vishing to fake WhatsApp messages and suspicious texts, they exploit our trust, our busy schedules, and even our sense of urgency and panic,” said Boxall.
“Criminals insert themselves into your daily life, especially when you’re already juggling bigger financial commitments.”
Towards the end of the year, various retailers in South Africa will offer promotions over the Black Friday and festive season shopping periods.
In these promotions, retailers often offer significant discounts on various products, providing an opportunity for fraudsters to exploit shoppers looking for good deals.
Boxall warned that the tax season adds more risk, as fraudsters are aware that many South Africans are awaiting communication from the South African Revenue Service (SARS).
“They use this to send out convincing emails or SMSes with fake links. Always double-check using official SARS or bank channels,” said Boxall.
According to Boxall, being informed about how scams work will better equip customers to stop them before they become problematic.
“Yes, an FNB Virtual Card or our Smart Alerts can give you peace of mind. But the real difference comes when you make fraud awareness a part of your everyday routine,” he said.
“That’s especially important as we head toward the busy year-end period.”
Criminals selling FNB Business accounts to non-South African residents
FNB recently warned the public about a trend of fraudsters selling FNB Business Accounts to people living outside of South Africa, particularly those living in Zimbabwe and Mozambique.
These fraudsters falsely present themselves as FNB representatives and encourage their targets to open South African business accounts, allegedly registering companies as South African entities.
To achieve this, fraudsters often use complicit or unsuspecting victims, stolen identities, or fake identities to provide passports, proof of address, and other related documents.
The bank emphasised that the activity is unauthorised and breaches its policies and brand integrity. It added that it doesn’t operate in Zimbabwe and hasn’t sanctioned any such account openings in the region.
Roshan Jelal, head of fraud at FNB’s Commercial Chief Risk Office, said the misuse of the FNB brand is most concerning.
“FNB maintains a zero-tolerance policy towards fraud and misrepresentation and has reported this matter to the relevant law enforcement agencies for further action,” said Jelal.
He added that FNB is committed to keeping ahead of evolving fraud tactics. He urged the public to remain vigilant and report any suspicious activity immediately.
He warned that people found to be involved in selling or using these fraudulently obtained accounts could face account termination, blacklisting, legal action, and criminal charges.
FNB advises customers not to engage with or share any personal information if they encounter or suspect fraudulent activity.
It also encourages customers to immediately report the incident to the FNB Business Fraud Hotline, adding that supporting information can be sent to [email protected].
The bank is developing proactive measures to detect and prevent these fraudulent account openings and said it will continue to raise awareness on the issues through its official channels.
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