Beware of fake videos of Ramaphosa, Motsepe in investment scams: FSCA
The Financial Sector Conduct Authority (FSCA) has warned the public about investment platforms falsely claiming association with prominent figures such as Patrice Motsepe, Leanne Manas, President Cyril Ramaphosa and Deputy President Paul Mashatile.
These platforms have been using sophisticated deepfake videos to promote unrealistic investment schemes and deceive potential investors. The platforms reportedly offer unrealistic daily returns which raises immediate red flags about their legitimacy.
'The FSCA has learnt the platforms may be providing financial services to the public without authorisation. Investors are offered unrealistic returns of between R13,000 and R17,000 per day on an investment of R4,500.'
The platforms use fake images and deepfake videos featuring popular public figures.
'In one of the deepfake videos Motsepe is seen promoting the investments offered via the investment platform and Mashatile is seen confirming the platform is authorised and investors will receive returns,' said the FSCA.
'In another video Ramaphosa is seen promoting investments and guaranteed returns. The individuals behind the platforms are not authorised in terms of any financial sector law to provide financial services to the public.'
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