More South Africans Fall Victim Of The FNB Investment Scam


The alleged phishing scam has continued to raise lots of dust as several customers of First National Bank (FNB) continue to fall victim of the scam. Over 20 new people have been reported to have fallen victim of an investment scam related to the banks’.

Speaking to Eyewitness News, some of the clients who said hundreds of thousands of their invested rands have disappeared pointed fingers at some of the bank’s employees which operated mainly in Gauteng most of which FNB said it was aware of and has dismissed them.

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Mamatli Moabelo who is one of the victims of the scam said she thought it was responsible enough for her to approach the bank to help her manage her R900,000 but she was terrified when she learned there was no trace of the R900,000 she thought she had invested with FNB.

She said:

I’m confused because the person who set up my contract is inside an FNB building, wearing a bank uniform and using FNB telephone lines.

I was just trying to do the right thing. If I were irresponsible, I would have used the money to buy myself a flashy car.

Frans Masetela, another victim of the scam said he wants the bank to continue paying him the monthly income he should be earning from the R600,000 he invested. “I need that money and since they’ve stopped paying me, my children and I have no food,” he said.

Earlier this week, FNB got the report from most of its customers about a phishing scam which resulted in the removal of a large sum of money from their various accounts despite the pin that was once issued to them for transactions.

It’s believed the implicated employees pretended to set up legitimate FNB accounts, but may have invested customers’ funds with an unauthorized company instead.

Though the bank is yet to give record of amount of money at stake, it believes millions of rands of invested funds could be missing.

However, the CEO at FNB Financial Advisory Quinton Caryer, said the bank is working closely with affected customers to get to the bottom of the alleged fraud.

“We have set up a dedicated team of individuals to take statements from clients and that will feed into a detailed investigation that we are running into this matter,” he pointed out. Officials have also started taking statements from all customers who’ve lost money with the bank.

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