Zimbabwe: FNB Warns of Cross-Border Scam Involving Fake Business Accounts Sold to Non-Residents, Including Zimbabweans

FIRST National Bank (FNB) has issued a warning about a scam in which criminals are illegally selling South African business accounts to non-residents, mainly in Zimbabwe and Mozambique.

In a statement released to the media on Friday, Roshan Jelal, Head of Fraud at FNB Commercial Chief Risk Office, said the fraudsters pretend to be FNB representatives and use fake and stolen documents to open accounts under false company names.

"The fraud sees criminals falsely presenting themselves as FNB representatives and encouraging non-residents to open South African business accounts," the bank said.

The bank added that the fraudsters use complicit or unsuspecting individuals, along with stolen or synthetic identities, including forged passports and proof of address.

"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".

The warning comes amid growing concerns over banking fraud in South Africa, with the National Financial Ombud (NFO) having recently warned that while virtual banking cards offer enhanced convenience and security, they are increasingly being exploited by fraudsters.

According to the NFO, digital banking fraud complaints have surged by a staggering 73% year-on-year, rising from 1,436 cases between January and May 2024 to 2,483 during the same period in 2025.

"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 added.

"FNB is developing proactive measures to detect and prevent such fraudulent account openings and will continue to raise awareness through its official channels".

FNB further warned that those found to be involved, whether in selling, facilitating, or using fraudulently opened business accounts, may face serious consequences.

Read the original article on New Zimbabwe.