Latest news with #FirstNationalBank
Yahoo
a day ago
- Business
- Yahoo
Raymond James Lifts Price Target for FNB, Keeps Outperform Rating
F.N.B. Corporation (NYSE:FNB) is one of the 10 Best Financial Stocks on Wall Street's Radar. On July 18, Raymond James increased its price target on F.N.B. Corporation (NYSE:FNB) from $15 to $18 while keeping an 'Outperform' rating. This decision came after the company reported its second-quarter results. F.N.B. Corporation (NYSE:FNB) showed strong core performance, including lower costs for funding and asset repricing that helped improve both its net interest margin and net interest income. A customer walking into a bank branch, expressing the convenience of consumer banking services. Raymond James pointed out that F.N.B. Corporation (NYSE:FNB) showed improvements in its capital levels and asset quality during the second quarter. Additionally, fee revenues exceeded expectations. F.N.B. Corporation (NYSE:FNB) increased its guidance for net interest income in 2025. However, Raymond James' analysis suggests that this outlook might still be conservative if commercial loan growth pipelines accelerate as expected. The firm sees the risk-reward profile for F.N.B. Corporation (NYSE:FNB) as attractive at current levels. F.N.B. Corporation (NYSE:FNB) is a diversified financial services company that offers a full range of commercial banking, consumer banking, and wealth management solutions. The company operates through its subsidiary network, which is led by its largest subsidiary, First National Bank of Pennsylvania. While we acknowledge the potential of FNB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best American Semiconductor Stocks to Buy Now and 11 Best Fintech Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
2 days ago
- TimesLIVE
Gqeberha bank employee jailed for cyberfraud
A 35-year-old woman has been sentenced to five years' imprisonment for her role in what was described as a meticulously orchestrated fraud scheme involving the unlawful access and manipulation of a customer's banking profile. The Gqeberha regional court found Lusanda Gloria Qose, 35, a former sales and service consultant at First National Bank at Pier 14, guilty of fraud, cyberfraud and the unlawful use of a customer's credentials after her abuse of internal banking systems between January 22 and April 24 2024. The complainant, Mlungwana Maranti, 68, held an Encore account linked to a Money Maximiser account and a registered cellphone number used for authorising transactions via FNB's inContact system. Qose unlawfully changed his cellphone number on the bank's system using her employee credentials, diverting all one-time password authorisations to herself without the complainant's knowledge or consent. She created a second bank card linked to the complainant's accounts, which she used to transfer funds from the Money Maximiser account to the Encore account and conducted multiple ATM withdrawals over three months. These fraudulent transactions resulted in a total loss of R245,000.
IOL News
2 days ago
- IOL News
Ex-FNB consultant sentenced for defrauding elderly client of R245,000
For four months, Lusanda Qose was convicted of fraud, cyber fraud, and the unlawful use of access credentials, which enabled her to siphon off an astonishing R245,000 within just three months. Image: File The Gqeberha Regional Court has sentenced Lusanda Gloria Qose, a former sales and service consultant at First National Bank (FNB), to five years in prison for orchestrating a complex fraud scheme that targeted a vulnerable senior citizen. Qose was convicted of fraud, cyber fraud, and the unlawful use of access credentials, which enabled her to siphon off an astonishing R245,000 within just three months. Qose, 35, was found to have abused her position at the Pier 14 branch, unlawfully accessing internal bank systems between January 22 and April 24, 2024. With her employee credentials, she manipulated account details belonging to 68-year-old complainant Mlungwana Maranti, changing his registered cellphone number to divert his One-Time-Pin (OTP) authorisations to herself without his knowledge. She was able to create a second bank card linked to Maranti's accounts, subsequently executing unauthorised fund transfers from his Money Maximiser account to his Encore account and conducting multiple ATM withdrawals. When the matter came to light, the bank refunded Maranti absorbing the financial damage incurred due to Qose's fraudulent operations. The perpetrator managed to bypass rigorous internal security protocols, including two-factor authentication and online fingerprint verification, exacerbating the breach of trust. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The court noted that Qose's actions were premeditated and methodical, marking a significant violation of the trust placed in banking professionals. During the sentencing, Qose, who is a single mother of two minor children aged 13 and 17, expressed remorse for her actions and cited financial distress as her motive for committing the crime. She testified in mitigation of sentence alongside her aunt, revealing that she has already repaid R87 000 which she had taken from her pension fund, showing an attempt to rectify her wrongdoing. In a poignant victim impact statement, Maranti described the severe emotional toll the fraud had on him, disclosing the trauma of witnessing his hard-earned retirement savings evaporate before his eyes. He shared that the stress led him to contemplate suicide, underscoring the profound psychological harm inflicted by Qose's actions. Prosecutor Edmyrach Matabata from the Specialised Commercial Crimes Unit argued convincingly that Qose's significant breach of trust, especially against a vulnerable senior citizen, warranted a custodial sentence. The court acknowledged her remorse and potential for rehabilitation but stressed that her actions not only adversely affected Maranti but also diminished public confidence in the financial institution she represented. Advocate Barry Madolo, Eastern Cape Director of Public Prosecutions, welcomed the court's decision. 'This sentence underscores the NPA's commitment to protecting the integrity of the financial sector and the rights of vulnerable victims. Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. The National Prosecuting Authority remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' Get your news on the go, click here to join the Cape Argus News WhatsApp channel. Cape Argus
The Herald
2 days ago
- The Herald
Gqeberha bank employee jailed for cyber fraud
A 35-year-old woman has been sentenced to five years' imprisonment for her role in what was described as a meticulously orchestrated fraud scheme involving the unlawful access and manipulation of a customer's banking profile. The Gqeberha regional court had found Lusanda Gloria Qose, 35, a former sales and service consultant at First National Bank at Pier 14, guilty of fraud, cyber fraud and the unlawful use of a customer's credentials following her abuse of internal banking systems between January 22 and April 24 2024. The complainant, Mlungwana Maranti, 68, held an Encore account linked to a Money Maximiser account and a registered cellphone number used for authorising transactions via FNB's inContact system. Qose unlawfully changed his cellphone number on the bank's system using her employee credentials, diverting all one-time-pin authorisations to herself without the complainant's knowledge or consent. She further created a second bank card linked to the complainant's accounts, which she used to transfer funds from the Money Maximiser account to the Encore account and conducted multiple ATM withdrawals over three months. These fraudulent transactions resulted in a total loss of R245,000. The bank ultimately refunded the complainant and absorbed the financial loss. Qose used her employee number to access FNB's core operating system, which contains confidential customer and transactional information. She bypassed internal security protocols such as two-factor authentication and online fingerprint verification, and manipulated digital records to create the false impression that Maranti had authorised the transactions. The court found that Qose's actions were premeditated and sophisticated, involving multiple system breaches over an extended period. She pleaded guilty to all charges, citing financial distress as her motive. During sentencing proceedings, she and her aunt testified in mitigation, stating that she was a single mother of two children, aged 13 and 17. She has since repaid R87,000 through a deduction from her pension fund and expressed remorse for her actions. In a victim impact statement facilitated by court preparation officer Eric Blouw, Maranti detailed the emotional toll the crime had taken on him, detailing the trauma of watching his retirement savings vanish. He also revealed that he had even contemplated taking his own life. The court heard that Qose was fully aware that the funds she stole were earmarked to grow the complainant's retirement nest egg. Specialised Commercial Crimes Unit prosecutor Edmyrach Matabata argued that, despite Qose being a first-time offender, her gross abuse of trust and exploitation of a vulnerable senior citizen warranted a custodial sentence. The court concurred, emphasising that though the accused demonstrated remorse and potential for rehabilitation, the offence not only harmed the victim but also eroded public trust in the financial system. Welcoming the sentence, Eastern Cape director of public prosecutions advocate Barry Madolo said: 'This sentence underscores the National Prosecuting Authority's commitment to protecting the integrity of the financial sector and the rights of the vulnerable. 'Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. 'The NPA remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' The Herald
IOL News
2 days ago
- IOL News
Former FNB consultant jailed for stealing R245,000 from elderly client's account
For four months, Lusanda Qose manipulated and stole from an elderly client. She has been convicted of fraud, cyber fraud, and the unlawful use of access credentials Image: File :Independent Newspapers The Gqeberha Regional Court has handed down a five-year prison sentence to Lusanda Gloria Qose, a former sales and service consultant at First National Bank (FNB), for her involvement in a sophisticated fraud scheme that exploited a vulnerable senior citizen's banking profile. The court's ruling comes in the aftermath of Qose's conviction for fraud, cyber fraud, and the unlawful use of access credentials, a crime which threatened the integrity of the financial sector and allowed her to siphon off a staggering R245,000 over a period of three months. Qose, 35, abused her position at the Pier 14 branch, unlawfully accessing internal bank systems between January 22 and April 24, 2024. With her employee credentials, she manipulated account details belonging to 68-year-old complainant Mlungwana Maranti, changing his registered cellphone number to divert his One-Time-Pin (OTP) authorisations to herself without his knowledge. She was able to create a second bank card linked to Maranti's accounts, subsequently executing unauthorised fund transfers from his Money Maximiser account to his Encore account and conducting multiple ATM withdrawals. Despite the considerable losses borne by Maranti, the bank ultimately refunded him, absorbing the financial damage incurred due to Qose's fraudulent operations. The perpetrator managed to bypass rigorous internal security protocols, including two-factor authentication and online fingerprint verification, exacerbating the breach of trust. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The court noted that Qose's actions were premeditated and methodical, marking a significant violation of the trust placed in banking professionals. During the sentencing, Qose, who is a single mother of two minor children aged 13 and 17, expressed remorse for her actions and cited financial distress as her motive for committing the crime. She testified in mitigation alongside her aunt, revealing that she has already repaid R87,000 through deductions from her pension fund, showing an attempt to rectify her wrongdoing. In a poignant victim impact statement, Maranti described the severe emotional toll the fraud had on him, disclosing the trauma of witnessing his hard-earned retirement savings evaporate before his eyes. He candidly shared that the stress led him to contemplate suicide, underscoring the profound psychological harm inflicted by Qose's actions. Prosecutor Edmyrach Matabata from the Specialised Commercial Crimes Unit argued convincingly that Qose's significant breach of trust, especially against a vulnerable senior citizen, warranted a custodial sentence. The court acknowledged her remorse and potential for rehabilitation but stressed that her actions not only adversely affected Maranti but also diminished public confidence in the financial institution she represented. Following the court's ruling, Advocate Barry Madolo, Eastern Cape Director of Public Prosecutions, welcomed the decision. He stated, 'This sentence underscores the NPA's commitment to protecting the integrity of the financial sector and the rights of vulnerable victims. Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. The National Prosecuting Authority remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' IOL
