A crime expert has raised concerns about the involvement of bank officials in romance scams that have left numerous South African women financially devastated. Victims have lost millions of rand in pension savings and loans, often facilitated through First National Bank (FNB). Many claim scammers used FNB’s services to execute fraudulent transactions with minimal scrutiny.
Romance scams, a widespread scheme where fraudsters manipulate victims—often women—into financial ruin through false promises of love and marriage, have cost South Africans millions. IOL’s ongoing Scammed series exposes these devastating cases, revealing how fraudsters lure victims into bank loans and drain their life savings. Source: Istock, GC Shutter.
Bank Transactions Under Scrutiny
Calvin Rafadi, a forensic expert at the University of Johannesburg, believes some bank officials are complicit in these scams. In an interview with IOL, he argues that criminals deliberately avoid electronic transfers to evade detection, instead opting for large cash withdrawals with the help of bank employees who overlook red flags.
“Criminals ensure most transactions are done in cash,” Rafadi explained. “If electronic transfers were used, authorities could trace recipients. However, when victims withdraw large sums, it raises questions about why tellers and managers allow it without due diligence.”
He emphasized that banks must report cash withdrawals exceeding R25,000 within 48 hours, as required by law. Failure to comply could result in fines of up to R100 million or imprisonment.
Security Lapses Raise Questions
Victims claim that security footage shows criminals escorting them into FNB branches, with some bank employees allegedly handing cash directly to fraudsters. A 64-year-old woman from North West lost R2 million, insisting FNB transferred her pension without her authorization. Another victim, a former teacher named Refilwe, withdrew over R2 million within a week under alleged coercion.
“The criminals performed rituals on me,” Refilwe told IOL. “They assured me the bank would let me withdraw without prior appointments.”
Rafadi believes bank insiders may be enabling these scams. “The syndicates establish connections with bank staff, ensuring fraudulent withdrawals go unchallenged,” he said. “When customers withdraw large amounts in cash, banks must report these transactions. If they don’t, it suggests negligence or complicity.”
Victims Demand Accountability
Many victims hesitate to report scams due to embarrassment and blackmail threats. Some scammers allegedly possess compromising photos, further silencing them. Despite this, several victims have united to expose the syndicates, urging authorities to investigate FNB’s role in enabling these crimes.
