Momentum Group warns of dangerous deepfake scams targeting investors

IOL News

06-05-2025

Momentum Group, a prominent player in South Africa's financial services sector, has alerted the public to an alarming increase in scams leveraging the power of 'deepfake' technology.
Momentum Group, a prominent player in South Africa's financial services sector, has alerted the public to an alarming increase in scams leveraging the power of 'deepfake' technology.
Momentum Group, a leading financial services company, has issued a stark warning about a growing trend of scams using 'deepfake' technology targeting investors.
It is highlighted that these sophisticated scams involve the creation of AI-generated content, such as videos, images, or audio, that impersonates brand representatives and other known personalities, leading unsuspecting individuals into fraudulent investment schemes.
Recent incidents illustrate the extent of the problem including a convincing deepfake video of retired businessman and former Momentum board member Laurie Dippenaar circulated on various platforms, enticing viewers to invest funds.
The audio closely mimicked Dippenaar's voice, making it appear legitimate until scrutinised closely; the outdated visuals and illogical premise of a retired executive promoting investment opportunities online raised doubts about its authenticity.
Similar deepfake videos featuring renowned figures like Elon Musk and local billionaire Patrice Motsepe have also been reported, heightening concerns about the effectiveness of these scams.
Moreover, a new WhatsApp group purporting to be managed by Momentum Group's Financial Director, Risto Ketola, has recently appeared, further exemplifying the ongoing threat faced by potential investors.
Ravi Govender, the Digital and Technology Officer at Momentum Group, has highlighted the dangers associated with these scams, stating, 'AI has taken the world by storm, and applications have mostly been beneficial; however, the rise in deepfake impersonations showcases a darker side of this technology. The threats are everywhere, and we urge consumers to educate themselves and remain vigilant.'
He cautions that if an investment opportunity seems too good to be true, it likely is, emphasising the necessity for individuals to consult financial advisers before making any substantial financial commitments.
As the tactics employed by scammers become more sophisticated, Momentum Group urges individuals to remain cautious and vigilant when approached for investment opportunities. Here are some common-sense tips to help identify potential scams:
Evaluate the likelihood of direct communication: Consider how probable it is that a high-ranking official would reach out to you personally and without prior introduction.
Assess promised returns: Be cautious of investment opportunities that offer unrealistic or exaggerated returns.
Scrutinise timelines: Unrealistic expectations for quick returns - such as within a week or a month - should raise red flags.
Beware of urgency: If there's pressure to act swiftly, it may indicate a scam, particularly if proper documentation or policy information is not provided.
Verify authenticity: Investigate the legitimacy of the company through its official website, or even consider visiting its offices or contacting them directly.
Demand paperwork: A legitimate investment will come with a portfolio, policy number, and necessary documentation before any funds are transferred.
Check payment channels: Reputable companies will never request payment into personal bank accounts.
As the digital landscape evolves, so too do the tactics used by fraudsters. Constant vigilance, especially in the realm of investments, is not only prudent but necessary to safeguard your hard-earned money.
Saturday Star