FSCA Warns Public of Deepfake Scam Promoting AI Trading Tool

The Financial Sector Conduct Authority (FSCA) of South Africa has issued a scam alert on social media regarding a deepfake video circulating on WhatsApp. The fraudulent video falsely features the FSCA and its Commissioner, Mr. Unathi Kamlana, promoting an artificial intelligence (AI) trading tool called NBSG Securities or Nedbank Securities, which promises to offer 20–30% higher returns.

FSCA's Crackdown on Deepfake Video

In the official statement, the FSCA confirmed that the video misuses FSCA and Nedbank icons without authorization, labeling it a scam. The regulator urged the public to disregard the deceptive video.

This warning follows a similar fraudulent scheme uncovered by the FSCA last month, in which an entity or individuals named J532-NBSG solicited funds from people through Facebook and WhatsApp, falsely claiming to be affiliated with Nedbank or Nedbank Stockbrokers.

The FSCA has observed a growing trend of AI-generated deepfake impersonations targeting authorized financial services providers and prominent figures to create a false sense of legitimacy. The regulator emphasized that conducting unauthorized financial business, falsely claiming associations with legitimate firms, and impersonating them constitute criminal offenses.