A new wave of investment scams in South Africa has
taken a concerning turn with the rise of deepfake videos impersonating
regulators to orchestrate fraudulent schemes.
One such video, currently circulating on WhatsApp,
reportedly portrays the Financial Sector Conduct Authority (FSCA) and its
Commissioner, Mr. Unathi Kamlana, promoting an AI-powered trading platform that
promises unrealistic returns of up to 30%.
“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 regulator wrote on X and LinkedIn.
#ScamWatch The FSCA is aware of a deepfake video on WhatsApp of the FSCA and its Commissioner Mr. Unathi Kamlana promoting an artificial intelligence (AI) trading tool called NBSG Securities or Nedbank Securities that promises 20-30% higher returns. pic.twitter.com/1biLScBG7l
— FSCA South Africa (@fscasouthafrica) April 24, 2025
Regulator Distances Itself from Scam
The FSCA has officially distanced itself from the
video, calling it an unauthorized and misleading misuse of its branding and
personnel. The video reportedly promotes a tool branded as
“NBSG Securities” or “Nedbank Securities,” with claims of
high-return investments powered by artificial intelligence.
“Please note this unauthorized use of FSCA and
Nedbank icons is a scam and should be ignored by the public,” the FSCA
stated, emphasizing that neither the regulator nor Nedbank has any link to the
investment tool being promoted.
The agency also warned of a growing trend in similar
scams. Just weeks ago, another entity under the name “J532-NBSG”
falsely claimed ties with Nedbank and actively solicited investments through
Facebook and WhatsApp.
Legal Implications and Public Warning
According to the watchdog, these scams often feature
AI-generated content or deepfake endorsements to mimic well-known individuals
or institutions, aiming to gain credibility and deceive potential victims.
The FSCA is now reminding the public that
impersonating businesses or falsely claiming associations to solicit funds
constitutes a criminal offence.
The regulator is monitoring such cases and encourages
the public to remain vigilant, especially on social media and messaging
platforms where unsolicited offers are common.
The FSCA has tightened rules in the trading space, clarifying last year that the practice of providing or publishing
signals with reference to online trading must be licensed. Providing such
trading signals without a licence is now a criminal offence in the region.
This article was written by Jared Kirui at www.financemagnates.com.
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