FNB fraud warning

The head of fraud at FNB has warned of the latest scams South Africans should watch out for, including online shopping scams, Business Email Compromises (BEC), and investment scams. 

Despite a relatively stable global fraud landscape over the past 12 months, FNB said South African banking customers shouldn’t let their guard down. 

Although the bank has seen a slight decline in reported fraud cases, the risk remains high as fraudsters continue to adapt to new technologies. 

This warning comes from Roshan Jelal, Head of Fraud at FNB Commercial, who told BusinessTech of the emerging scam tactics targeting South Africans in 2025. 

According to the 2024 Global State of Scams report, fraud remains a significant global threat, with consumers worldwide losing approximately $1.03 trillion (R18.9 trillion) to scammers over the past year. 

“FNB has experienced a slight reduction in the number of reported scams in FY2024 despite a contrasting year-on-year growth observed globally,” said Jelal. 

He attributes the decline in FNB’s reported scams to the bank’s ongoing efforts to enhance fraud prevention and detection strategies.

“These strategies implemented by the FNB to date have helped the bank stay ahead of the numerous current and emerging modus operandi,” he said. 

However, he stressed that despite a slight dip in cases reported by FNB, scammers using increasingly sophisticated fraud tactics are posing an ongoing threat. 

Jelal noted that scammers are leveraging advanced technologies such as Generative AI, deepfakes, and botnets, allowing them to target victims on an unprecedented scale.

These tools allow fraudsters to adapt their methods continuously, posing a persistent risk to banking customers.

He also warned that the increasing popularity of instant payment methods could lead to a rise in scam attempts in the near future as faster payment systems also facilitate quicker fraud.

Considering this, FNB said it remains committed to combating fraud by collaborating with industry bodies, regulators, governments, and social media platforms, where many scams originate. 

Jelal emphasised the importance of continuous customer awareness and training, paired with the use of data and technology to detect and prevent fraud attempts. 

He stressed that “scams will remain a key risk theme for the foreseeable future as they affect people and businesses regardless of age, income level, education, complexity, and background.”

To help customers protect themselves, Jelal highlighted several current scams in South Africa, including online shopping, Business Email Compromises (BEC), and Ponzi or investment scams. 

Tips to stay ahead of fraudsters

Jelal also offered practical tips on how to avoid falling victim to these tactics.

Online shopping scams continue to be a significant concern. Jelal advises customers to use reputable e-commerce sites and thoroughly research sellers before making purchases.

This includes checking reviews and ratings and sourcing information independently. He cautions against deals that seem too good to be true, emphasising massively discounted prices can often be a red flag.

Additionally, he warns against paying upfront unless customers are sure about the legitimacy of the supplier.

For BEC, Jelal recommends caution when listing email addresses on public platforms, as scammers can easily harvest these details.

Customers should be wary of urgent or unplanned payment requests and always verify such instructions directly with the requester through secure channels.

He also urges users to verify any changes in banking details by contacting the requestor using previously verified contact information.

FNB customers can further protect themselves by using the Verify Owner tab on Online Banking to confirm that the account name matches the provided account number.

Investment scams, particularly Ponzi schemes, are another growing threat. Jelal advises customers to be cautious of opportunities promising high returns with little to no risk, as all investments carry some level of risk.

He stresses the importance of verifying the legitimacy of investment schemes by checking whether they are registered with the Financial Sector Conduct Authority (FSCA).

Additionally, customers should avoid dealing with unlicensed financial service providers and ensure that they fully understand the investment’s business model before committing funds.

Jelal also recommends taking time to verify all parties involved to avoid making hasty investment decisions.