Complaint on poor service by FNB

To FNB I am registering a complaint against First National Bank (FNB) regarding the unresolved *****ulent transactions amounting to R133,400 on my accounts, coupled with inadequate service, poor communication, and failure to implement effective ***** prevention measures. This issue, stemming from a phone theft on 28 July 2024, remains unresolved after 11 months, causing significant financial loss, distress, and loss of trust in FNB.

Details of the Incident

On 28 July 2024, my phone was ******, and I promptly reported it to the SAPS and Vodacom, ensuring the device was blocked. Between 29 and 30 July 2024, 42 unauthorized transactions amounting to R122,400 were processed from my private account and 4 transactions of R11,000 from my business account. I reported the ***** to FNB on 30 July 2024 (Incident ***-***) and was informed that an investigation would take approximately 30 working days.

Concerns with FNB’s ***** Prevention

FNB’s failure to flag over 40 rapid transactions to the same recipients within minutes raises serious questions about its ***** detection systems and the safety of our funds within their system. The investigator who handled my case informed me that the *****ulent activities on my account by one of their clients. To make matters worse. My private banker was unaware of what transpired, nor was she sympathetic to my ordeal.

Inadequate Investigation and Communication

Despite my timely reporting, FNB’s response has been unsatisfactory to say the least. The 30-day investigation period had lapsed with only vague updates on the process and no details regarding potential recovery of my funds. To add insult to the process, FNB has only paid me R10,000 on 11 October 2024 as part of its money protection cover. This was after they had made me an offer of goodwill to the amount of R15,700. I rejected that insulting offer as it was significantly less than what was *****ulently taken. The bank’s failure to prevent the *****, coupled with its inadequate investigation and lack of transparency, has eroded my confidence in continuing to bank with FNB. I would like to bring this to the attention of all FNB customers, be aware of the poor service and poor internal security controls. Re-think the use of this bank.

Regards Frustrated customer