First National Bank (FNB) has sounded the alarm over a sophisticated scam in which syndicates are illegally opening and selling South African business accounts to non-residents, particularly in Zimbabwe and Mozambique.
According to Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, criminals have been posing as FNB representatives and using forged documents, stolen identities, and synthetic passports to register fake companies and open business profiles under false pretences.
“The fraudsters falsely present themselves as legitimate FNB agents, luring unsuspecting people into opening accounts that appear genuine,” the bank said in a statement issued on Friday.
FNB stressed that the activity is unauthorised and undermines its brand integrity. The bank clarified that it does not operate in Zimbabwe and has not approved any business account openings there.
The scheme comes amid a surge in digital banking fraud in South Africa. The National Financial Ombud (NFO) recently revealed a 73% spike in fraud complaints year-on-year, with cases rising from 1,436 between January and May 2024 to 2,483 over the same period in 2025.
FNB warned that those implicated in the cross-border scam whether selling, facilitating, or using the fraudulent accounts face serious penalties, including:Immediate account termination
Blacklisting from banking services
Legal prosecution and possible jail time
Reporting to regulatory authorities
The bank said it is rolling out enhanced fraud detection measures and will continue to use its official channels to educate the public against falling victim to such schemes.
