First On EWN: #FNB investment scam claims more victims

Eyewitness News spoke to clients who say hundreds of thousands of their invested rands have disappeared.

South African rand. Picture: Facebook.

JOHANNESBURG - As several First National Bank (FNB) customers demand answers over an alleged phishing scam, more than 20 others now say they have fallen victim to an investment scam at the bank.

Eyewitness News spoke to several clients who said hundreds of thousands of their invested rands have disappeared.

Some of the bank's employees have been implicated in the scam, which operated mainly in Gauteng.

FNB says it's aware of the matter and has already dismissed the involved workers.

While the bank hasn't yet quantified the amount of money missing, it's believed millions of rands of invested funds are at stake.

CEO at FNB Financial Advisory Quinton Caryer, says 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."

But victim Frans Masetela says 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.

FNB has called on anyone else who believes they have fallen victim to the scam to approach their nearest branch for assistance.


Mamatli Moabelo says she was horrified when she learned there was no trace of the R900,000 she thought she had invested with FNB.

"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."

LISTEN: How to protect yourself against bank fraud

The single mother says she was trying to be responsible by approaching the bank to help her manage the large sum of money.

"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."

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


Earlier this week, FNB were cast into the spotlight after a phishing scam resulted in many clients having money taken out of their accounts.

Victims of this scam say that money was transferred out of their accounts despite the fact that a One Time PIN is required for transactions

Officials have started taking statements from all customers who've lost money with the bank.

LISTEN: Why is FICA not curbing online banking fraud?