Is your investment safe? FSCA warns against deepfake trading scams on WhatsApp
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."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
an hour ago
- The Citizen
Ramaphosa defends transformation, we must dispense false notion
Ramaphosa said economic growth without transformation entrenches exclusion and transformation without growth is unsustainable. President Cyril Ramaphosa has defended transformation, saying black empowerment is 'vital to inclusive economic growth.' Writing in his weekly newsletter, Ramaphosa emphasised that 2025 marks the 70th anniversary of the Freedom Charter, the country is reminded of its 'aspiration that the people shall share in the country's wealth.' 'Our Constitution reflects the promise we made to one another and to future generations to redress the injustices of our past and realise the full potential of our country. 'For this reason, we reaffirm that broad-based black economic empowerment is not just a policy choice but a constitutional imperative,' Ramaphosa said. ALSO READ: Ramaphosa urges employers to give BEEI youths their 'next opportunity' Inequality The president said that according to Statistics SA, between 2006 and 2023, black African households experienced real income growth of 46%, coloured households of 29% and Indian households of 19%. 'Despite this progress, the average income of white households is still nearly five times higher than that of black African households. This is the gulf we must close through deliberate and sustained efforts to expand opportunity. 'Transformation is not a favour. It is a necessity. The inequality of our past continues to shape the lives of millions of black South Africans. And yet many who continue to benefit from the legacy of exclusion continue to decry black economic empowerment and are even challenging it in our courts,' Ramaphosa said. 'False notion' Ramaphosa said economic growth without transformation entrenches exclusion, and transformation without growth is unsustainable. 'We must dispense with the false notion that we must make a choice between growth and transformation. 'We also need to challenge the notion that broad-based black economic empowerment is a cost to the economy. It is actually an investment in the economy,' Ramaphosa said. Last week, Ramaphosa came out swinging against critics of Black Economic Empowerment (BEE), questioning whether their opposition is rooted in 'greed' or 'jealousy'. ALSO READ: US visit came amid 'increasing strain' between two countries, Ramaphosa says
The Citizen
an hour ago
- The Citizen
Help create an inclusive SA: SA Guide-Dogs launches 2025 Give a Cane campaign
The SA Guide-Dogs Association is proud to announce the launch of the 2025 Give a Cane campaign, with an even bigger goal in sight. This follows the success of the SA Guide-Dogs Association's inaugural campaign in 2024, which provided 500 white canes to people living with visual impairments. This year, the campaign is calling on South Africans to help raise enough to fund the distribution of at least 1 000 white canes and essential orientation and mobility training. With donations towards a cane starting at just R50, everyone can be part of someone's journey to independence. ALSO READ: SA Guide-Dogs Association seeks puppy raisers to help change lives 'A white cane is so much more than a mobility aid, it's freedom, dignity and the confidence to move through life independently,' said Pieter van Niekerk, spokesperson for the SA Guide-Dogs Association. Why the white cane matters The white cane used by SA Guide-Dogs is not a regular walking stick. It's a specialised mobility tool with a rounded ball tip designed to detect changes in terrain, from sidewalks to tactile paving, and signals to others that the user is visually impaired. This promotes safety, awareness, and inclusion in public spaces. ALSO READ: SA Guide-Dogs Association launches Wear Your Shades campaign Get involved You don't have to walk alone, and you don't have to give big. A R50 donation helps bring someone closer to independence. You can also: • Host a dress-up day, walk-a-thon, or blindfold challenge at work or school • Encourage your book club, community, or running group to chip in • Start a R50 donation challenge at the office • Take part in an online gaming fundraiser • Walk, run, or cycle 50km and get sponsored And if you're a business, don't forget that donations are eligible for Section 18A tax certificates. Donate now or set up your fundraiser at At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
an hour ago
- IOL News
Legal implications for a 12-year-old driver in a fatal crash? Understanding the consequences
A 14-year-old pedestrian tragically lost his life in Brakpan after being struck by a Mazda allegedly driven by a 12-year-old boy. Image: Supplied As South Africans express shock over the incident where a 12-year-old Gauteng boy allegedly fatally struck a 14-year-old boy while the 12-year-old was driving his parents' car, crime analyst says the law will probe into the circumstances of how the 12-year-old ended up with the vehicle. In an interview with IOL, crime researcher Thabang Bogopa said after the horrific incident, the child is carefully assessed and recommendations are made to the presiding officer. 'Once a minor is involved in the commission of an offence, the statute that will come into play is called the Children in Conflict with the Law Act (Child Justice Act). What will normally happen is that an inquiry will be held involving social workers who will interview the child, potential witnesses and make recommendation to the magistrate as to whether the child should be prosecuted, or whether the child should be given a hearing in camera which means in private, and be referred for a programme, normally at the child welfare," he said. "Children in conflict with the law are young individuals aged 12 to 17 who are suspected of committing crimes. The Child Justice Act (CJA) in South Africa provides a separate system for dealing with these children, focusing on their best interests and rights, and aims to prevent them from obtaining criminal records in appropriate cases." Bogopa said the CJA emphasizes restorative justice, diversions, and alternative sentencing options to help children turn their lives around. He said in instances where other people are affected by the minor's crime, mediation will also be recommended. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Crime researcher Thabang Bogopa spoke to IOL Image: Supplied Bogopa however, said the law will carefully probe into circumstances on how the 12-year-old ended up with the vehicle, and there would be repercussions for anyone who gave the minor a vehicle. Get your news on the go, click here to join the IOL News WhatsApp channel. 'The person who gave the child the vehicle would be charged in terms of the National Road Traffic Act, there is a scheduled offence there which involves giving someone who does not have a driver's licence a vehicle to operate. So they would be charged under that Act," he said. "In this case, they would be charged for giving a child who is underage a vehicle, but also someone who does not have a valid driver's licence." The criminologist said it is imperative for parents to conscientise their children strongly against driving without a licence, which is a serious offence. "The advice would be for parents to desist from allowing their children to drive, especially if they are below 16, because if they are above 16, they can have a learner's licence and drive under the supervision of an adult. When they are 18 then they get a driver's licences to operate a motor vehicle on a public road," said Bogopa. He said the massive infrastructural damages caused by the vehicle may become the subject of a civil dispute. "Normally, a full comprehensive vehicle insurance cover would cover up to R5 million of the third party. So, it means the parents' insurance will pay off the damage. It will be between the parents and their insurance as to how they fix it going forward," he said. IOL reported on Monday that the 12-year-old boy appeared before the Brakpan Magistrate's Court in Gauteng after he allegedly fatally struck a 14-year-old boy while driving his parents' car. The boy appeared in court on Monday in the presence of his guardian. He is facing a charge of culpable homicide and driving a motor vehicle without a licence. National Prosecuting Authority (NPA) spokesperson, Lumka Mahanjana, said on Saturday, June 7, 2025, the 12-year-old was allegedly driving his parents' car at the corner of Madeley and Northdeene Street when he drove over a 14-year-old boy and subsequently bumped into a wall. "The 14-year-old boy sustained injuries and was declared dead on the scene. The 12-year-old was then taken to the Brakpan charge office and later released into the care of his parents by police on June 8, 2025," said Mahanjana. Mahanjana added that matter was postponed to August 28, 2025, to determine the 12-year-old boy's criminal capacity. According to City of Ekurhuleni spokesperson Zweli Dlamini, officers from the Ekurhuleni Metropolitan Police Department's (EMPD) Accident Bureau responded to the scene, where paramedics had already declared the teenage pedestrian deceased. "At the scene, officers found a Mazda that allegedly bumped the pedestrian driven by a 12-year-old driver," said Dlamini. IOL News
