FNB Fraud Warning: Latest Scams South Africans Should Watch Out For in 2025

The head of fraud at FNB has issued a warning to South Africans about the latest scams targeting banking customers. While global fraud levels have remained stable over the past year, fraudsters in South Africa are evolving their tactics, making vigilance more crucial than ever.

Roshan Jelal, Head of Fraud at FNB Commercial, highlighted emerging scam trends, including online shopping scams, Business Email Compromises (BEC), and Ponzi-style investment scams.

The Growing Threat of Fraud in South Africa

Although FNB has seen a slight decline in reported fraud cases in 2024, Jelal warns that scammers are becoming more sophisticated. The increasing use of Generative AI, deepfakes, and botnets allows fraudsters to operate on a larger scale, making scams more difficult to detect.

According to the 2024 Global State of Scams report, financial fraud remains a major global concern, with losses exceeding $1.03 trillion (R18.9 trillion) worldwide.

Jelal emphasized that fraud prevention remains a top priority for FNB. The bank is actively collaborating with regulators, industry bodies, and social media platforms to combat online fraud.

Top Scams to Watch Out For in 2025

1. Online Shopping Scams

Scammers create fake e-commerce websites and social media pages offering discounts that seem too good to be true. Customers are urged to verify sellers by checking independent reviews, ensuring secure payment methods, and avoiding upfront payments unless they trust the retailer.

2. Business Email Compromise (BEC)

BEC scams involve fraudsters impersonating company executives or suppliers to request urgent payments. Businesses should verify payment instructions via secure channels and avoid listing email addresses publicly to prevent phishing attempts.

3. Investment Scams and Ponzi Schemes

Fraudsters lure victims with promises of high returns with minimal risk. Jelal advises South Africans to verify investment firms with the Financial Sector Conduct Authority (FSCA) and avoid dealing with unregistered financial service providers.

How to Stay Safe from Fraud

• Use Secure Websites – Stick to reputable online stores and verify sellers before making purchases.
• Be Wary of Urgent Requests – Scammers often create a sense of urgency to pressure victims into making hasty decisions.
• Verify Banking Details – Contact the sender directly using a previously verified phone number before making payments.
• Check FSCA Registration – Before investing, confirm that the financial service provider is legally registered.

Final Thoughts

While FNB’s efforts have contributed to a decline in reported fraud cases, scammers continue to evolve. Customers must remain cautious and proactive to protect their finances.

By staying informed and following security best practices, South Africans can reduce their risk of falling victim to fraud.

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