Business
FNB Warns South Africans to Stay Alert as Festive Season Fraud Surges
Scammers Strike as Shoppers Spend
With the year-end shopping rush approaching, FNB is sounding the alarm on a fresh wave of banking fraud targeting South Africans. From fake tax refund messages to cloned business accounts, the bank says scammers are getting bolder, smarter, and disturbingly convincing.
According to Chris Boxall, FNB’s head of card transactions, industry, and fraud detection, criminals thrive when people are distracted by festive spending, online deals, and the financial chaos that often comes with the end of the year. “Fraud has become more than just card skimming or stolen details,” he explained. “Scammers are becoming increasingly sophisticated in how they use social engineering.”
How the New Scams Work
Gone are the days when fraud was as simple as a stolen card number. The latest scams rely on psychology as much as technology. Techniques like phishing (fraudulent emails and links) and vishing (deceptive phone calls) are designed to trick customers into handing over personal or banking details.
From fake WhatsApp messages and tax refund alerts to Black Friday deal links, scammers are using timing and emotion to manipulate people. “They exploit our trust, our busy schedules, and even our sense of urgency,” Boxall said.
Adding to the risk is the SARS tax season, when many South Africans are expecting legitimate communication from the tax authority. Fraudsters mimic official emails or SMSes, directing victims to fake websites that steal their credentials.
Boxall urges customers to always verify messages using official FNB or SARS channels before clicking on any links.
Business Account Fraud on the Rise
While individual customers are being targeted, a new and alarming scam has also emerged: fraudsters are selling FNB business accounts to non-South African residents in neighbouring countries such as Zimbabwe and Mozambique.
These criminals falsely claim to represent FNB and persuade victims to open South African business accounts under fake company registrations. Using stolen or fabricated documents, they create the illusion of legitimate businesses, a serious breach of the bank’s policies.
Roshan Jelal, head of fraud at FNB’s Commercial Chief Risk Office, said this trend poses both financial and reputational risks. “FNB maintains a zero-tolerance policy towards fraud and misrepresentation,” he stated. “We have reported these activities to law enforcement and remain committed to protecting our customers.”
Jelal added that anyone found participating in these schemes could face blacklisting, account termination, or criminal charges.
FNB’s Call to Action
FNB says it’s developing proactive detection systems to prevent fraudulent account openings and is doubling down on customer education. The bank encourages customers to make fraud awareness part of their everyday routine, especially during high-risk periods like the festive season.
“Yes, tools like the FNB Virtual Card or Smart Alerts can help,” said Boxall, “but the real defence is awareness. Knowing how scams work makes you far harder to target.”
Customers are urged to report suspicious activity immediately to the FNB Business Fraud Hotline or send an email with any supporting details.
Stay Sharp, Stay Secure
As South Africans prepare for Black Friday, December bonuses, and tax season refunds, scammers are just as busy. The warning is clear: if a deal, message, or request feels off, it probably is.
In a time when convenience rules our financial lives, vigilance might just be the most valuable currency of all.
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Source: MyBroadband
Featured Image: BusinessTech
