- Deepfake video featuring Siya Kolisi and logos of FSCA, SARB, FirstRand, and Standard Bank used in investment scam.
- Fraudulent platform promises impossible daily and monthly returns, misleading vulnerable investors.
- FSCA urges public to verify authorisation status of financial service providers via official FSCA channels before investing.
The Financial Sector Conduct Authority (FSCA) is warning all South Africans about a sophisticated scam targeting everyday people who are looking to grow their savings.
The scam uses a deepfake video showing Siya Kolisi, South Africa’s iconic rugby captain, alongside the logos of highly trusted institutions such as the FSCA, South African Reserve Bank (SARB), FirstRand Limited, and Standard Bank Limited.
In this deceptive video, Kolisi appears to endorse an investment platform promising incredibly high returns, between R8 000 and R12 000 per day on a R4 400 investment, and as much as R160 000 per month. These offers are not just unrealistic, they are completely false and part of an elaborate effort to trick investors into handing over money they will never get back.
The SARB and FirstRand have publicly distanced themselves from this scam and launched investigations into the misuse of their branding. The FSCA confirms it has no association with the platform or the individuals behind these deepfake videos and has not received any response from the scammers despite efforts to make contact.
Why this scam hurts real people
In times when many are seeking financial security and stability, fraudsters exploit this vulnerability by misusing the images and logos of people and institutions that South Africans trust. Using advanced technology like deepfake videos makes the scam more believable, but the consequences are very real. Individuals and families risk losing their savings and face the emotional strain that comes with financial loss.
It’s important to understand that genuine investments carry risk, and no credible provider can guarantee extremely high returns with no risk. If an offer sounds too good to be true, it usually is.
How to protect yourself and your loved ones
- Always confirm authorisation: Check that any financial service provider or adviser is authorised by the FSCA. Authorised providers are regularly monitored and must comply with strict rules designed to protect you.
- Look for clear authorisation details: Legitimate providers will clearly display their FSCA licence number and contact information on websites, marketing materials, and contracts.
- Verify directly with the FSCA: Use official FSCA resources to confirm a provider’s authorisation status before making any payments or investments.
- Be wary of high, guaranteed returns: No legitimate investment offers guaranteed, very high returns with low or no risk.
What to do if you suspect fraud
If you encounter an investment offer that seems suspicious, or if you receive unsolicited calls or messages about financial products, do not invest money before verifying the provider’s credentials. Report any suspected scams immediately to the FSCA to help protect others from falling victim.
The FSCA is committed to safeguarding the public from financial fraud. We encourage everyone to stay informed, ask questions, and carefully verify any investment opportunity.
Your financial wellbeing matters. Don’t let scammers take advantage of your trust or your dreams.
Conviction.co.za
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