The FSCA is aware of a deepfake video on WhatsApp impersonating the FSCA
Image: File photo.
The Financial Sector Conduct Authority (FSCA) has issued a stern warning following the circulation of a deepfake video on WhatsApp, which falsely claims to feature FSCA Commissioner Unathi Kamlana endorsing a fraudulent AI trading tool.
Deepfakes are AI-created videos, images, or audio that mimic real individuals or events, making it challenging for the public to tell the difference between authentic and fabricated content.
The FSCA has confirmed its awareness of a deepfake video circulating on WhatsApp that promotes an AI trading tool known as NBSG Securities, also referred to as Nedbank Securities, which falsely claims to offer a 20-30% higher return on investment.
The authority emphasised that the unauthorised use of its and Nedbank’s branding is a scam and urged the public to ignore the misleading video.
"The FSCA is aware of a deepfake video on WhatsApp impersonating the FSCA and its Commissioner, Mr. Unathi Kamlana, to promote a new artificial intelligence (AI) trading tool called NBSG Securities or Nedbank Securities that promises a 20-30% higher return on investment," the FSCA said.
"Please note that this unauthorised use of FSCA and Nedbank icons is a scam and should be ignored by the public."
Last month, the FSCA revealed that it had issued a warning about a similar scam involving an entity or individuals known as J532-NBSG, who solicited funds by falsely claiming to be affiliated with Nedbank or Nedbank Stockbrokers on Facebook and WhatsApp.
"The FSCA has noted a marked increase in these AI-generated impersonators and deepfakes claiming to be associated with authorised financial services providers or prominent South Africans.
"The FSCA is of the view that this is being done to lend a false sense of legitimacy to the operations of the impersonators. It is a criminal offence to conduct unauthorised business and against the law to impersonate other businesses or make false claims of association."
Last week, IOL reported that one of South Africa’s largest financial services companies, Momentum Group, warned that scammers are using fake videos, messages, and social media profiles to pose as the company and its employees in order to trick people into fake investment schemes.
The scammers reportedly use popular platforms such as WhatsApp, Facebook, and Telegram to target unsuspecting South Africans.
mthobisi.nozulela@iol.co.za
IOL Business