As South Africa marked International Women’s Day, several women who have fallen victim to devastating romance scams across the country are now calling for stronger government and law enforcement intervention. These women, who have lost their hard-earned savings, including pensions and loans, are demanding justice and increased protection from financial institutions and the authorities.
For nearly a year, has been documenting the heartbreaking stories of individuals tricked by scammers who prey on their emotions. These criminals, often posing as potential romantic partners, have left many victims financially ruined, some even pushed to the brink of desperation. Now, the victims have come together, urging the government to step up and safeguard women from this growing threat.
Some victims have expressed frustration at the lack of action from law enforcement. They claim to have been turned away from police stations, and their fraud cases have been closed without any substantial investigation. This inaction has left many feeling abandoned by the very institutions meant to protect them. In particular, several women allege that First National Bank (FNB) failed to safeguard their accounts during the fraudulent transactions, with some even claiming that money was withdrawn without their consent.
FNB, in its response to IOL, clarified that the victims willingly provided their banking details to the scammers. Many of the women did not have FNB accounts before the scams, but were manipulated into opening accounts at the bank, which the criminals preferred. In some shocking cases, victims claim that large sums were withdrawn without their knowledge, with one woman describing a situation where R500,000 was taken from her account without her consent or presence.
The victims, now part of a support group named Recover and Rebuild Victims Empowerment, are calling for a full investigation into the alleged misconduct by bank employees and a reevaluation of financial security protocols. They say that despite reporting their incidents to both FNB and the South African Police Service (SAPS), their pleas have gone unanswered, with little to no accountability from either institution.
One of the women shared her personal ordeal with IOL, recounting how she was coerced into making large withdrawals and believes there was collusion between bank staff and the scammers. “We’ve seen a pattern of unethical behavior in the way these transactions were handled,” she said. “Many of us have been manipulated into withdrawing large sums, and the bank didn’t step in to protect us.”
In addition to the growing concerns over the role of banks in these scams, victims have also approached the Financial Sector Conduct Authority (FSCA), believing that certain laws may have been violated during the withdrawal of large amounts of money. While the FSCA stated there are no specific regulations governing cash withdrawal limits, it did advise victims to escalate their complaints to the National Financial Ombud Scheme (NFO) if banks fail to address their concerns.
According to seasoned crime expert Calvin Rafadi, the involvement of bank staff in romance scams raises serious questions about the security and ethical standards of financial institutions. Rafadi, a research associate at the University of Johannesburg, pointed out that criminals often work in collusion with bank officials to carry out these frauds. “When large sums are withdrawn in cash, banks are legally obliged to report the transactions, but these scammers are working in cahoots with bank managers and tellers to avoid detection,” he explained.
In response to the growing scandal, FNB has reiterated its commitment to investigating all fraud cases thoroughly. The bank insists it adheres to strict processes when handling withdrawal requests and is dedicated to complying with all legal and regulatory requirements. FNB also emphasized that it offers clients the ability to set transaction limits for their protection.
Despite these reassurances, the victims are unconvinced and continue to demand greater accountability. Many believe that banks, including FNB, could have done more to protect them from these scams, particularly by preventing the withdrawal of large sums or flagging suspicious transactions.
Romance scams—where individuals, often women, are deceived by strangers posing as romantic interests—have become an increasingly common form of fraud in South Africa. In many of these cases, the scammers, who are often foreign nationals, form emotional relationships with their victims, only to later convince them to take out loans or withdraw large amounts of money to invest in a fictional business venture.
As these victims band together and continue to press for justice, their call for stronger protections and a more proactive response from both law enforcement and financial institutions grows louder. The Recover and Rebuild group remains determined to ensure that their stories are heard, hoping to prevent others from falling into the same trap.
With the rising tide of romance scams sweeping across South Africa, the question remains: will the authorities and financial institutions act swiftly enough to protect vulnerable citizens from this pervasive threat?
