The rise of deepfake-powered scams in South Africa has reached worrying levels. The Financial Sector Conduct Authority (FSCA) has issued multiple warnings after a deepfake video surfaced on WhatsApp that falsely shows Commissioner Unathi Kamlana endorsing an AI trading tool called NBSG Securities (or Nedbank Securities), promising returns of 20-30%. Neither the FSCA nor Nedbank has any connection with the tool, the regulator clarified.
Meanwhile, the South African Banking Risk Information Centre (Sabric) has reported a surge in AI-driven fraud, where scammers use deepfake voices, cloned identities, fake apps, and manipulated communications to impersonate bank officials or create fake investment schemes. One false WhatsApp group, for example, claimed to be connected with Standard Bank to promote a fraudulent investment app called “GSBG.” Victims have reportedly lost large sums after being convinced by realistic but fake content.
High-profile figures are not spared. Deepfake videos have featured South African leaders and celebrities—President Cyril Ramaphosa, Deputy President Paul Mashatile, business mogul Patrice Motsepe, media personality Leanne Manas—allegedly endorsing investment platforms and guaranteeing returns. These manipulations are used to lend credibility to fraudulent offers, prey on trust, and lure people into schemes they believe are trustworthy because of familiar faces.
What’s especially alarming is how convincing these scams have become. Many South Africans struggle to tell real media from deepfake content. A recent survey by cybersecurity firm Kaspersky found that although 42% of employees claimed they could distinguish deepfakes from real images, only about 21% actually succeeded in tests.
The effects are both financial and deeply social as people are losing savings, trust in digital systems is eroding, and those who rely on online information for investment decisions are being misled. Regulators are reinforcing warnings across platforms and urging the public always to verify sources, avoid unsolicited investment pitches, and confirm whether entities are officially licensed. Financial institutions, too, are being pushed to strengthen digital authentication, educate customers, and monitor suspicious content aggressively.
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