South African Authorities Warn Of Surge In Deepfake Investment Scams
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Authorities in South Africa have raised concerns over a rise in investment scams that use fake videos to trick the public. These scams involve deepfakes—videos made to look like real people—pretending to be financial regulators.
One such video, currently being shared on WhatsApp, has reportedly shown someone impersonating the Financial Sector Conduct Authority (FSCA) and its Commissioner, Mr. Unathi Kamlana. The person in the video appeared to promote a trading platform under the names “NBSG Securities” or “Nedbank Securities,” claiming it could deliver returns as high as 30%.
FSCA Aims To Safeguard Financial Integrity And Public Awareness
The FSCA has reminded people that pretending to be a business or lying about connections to gain money are a criminal act. The agency said it continues to watch for these scams and is urging the public to stay alert, especially on social media and messaging apps where such offers often appear without warning.
The FSCA also made it clear that anyone offering or publishing trading tips or signals must have the proper licence. Doing so without a licence is now considered a criminal offence in the country.
The Financial Sector Conduct Authority (FSCA) stated that its role is to strengthen the fairness and reliability of the country’s financial markets.
It explained that its responsibilities include making sure financial institutions treat customers fairly. FSCA also aims to improve public understanding of financial matters and help support financial stability across South Africa.
FSCA Aims To Protect Public By Exposing Fake Investment Schemes
The FSCA has confirmed awareness of the video and has stated that it is fake. The regulator stated that it does not support or endorse the trading tool shown in the clip and has described the video as a misuse of its name and logo, as well as of Mr. Kamlana’s identity.
The FSCA clarified that neither it nor Nedbank has any involvement with the investment product mentioned in the video. The regulator warned that the use of its branding and that of Nedbank in this way is unauthorized and deceptive.
Officials have also reported that similar scams are spreading. In another recent case, a group identified as “J532-NBSG” allegedly claimed a false connection with Nedbank and tried to attract investments using Facebook and WhatsApp.
According to the FSCA, scams like these often rely on fake images or videos that look real, trying to copy trusted institutions or individuals to fool the public.
