Deepfakes Are Making Investment Scams Harder to Spot

June 19, 2026

The Financial Sector Conduct Authority (FSCA) recently warned the public about a deepfake investment scam that used AI-generated videos of well-known financial journalists Maya Fisher-French and Bruce Whitfield to promote an alleged investment opportunity.

This is not the first time the alarm bells have sounded about deepfake investment scams. Over the past year, the FSCA has issued warnings about scams that use the likenesses of prominent South Africans, including businessperson Dr. Patrice Motsepe, journalist Leanne Manas, President Cyril Ramaphosa, Deputy President Paul Mashatile and Springbok captain Siya Kolisi. The regulator’s recent warning involving Fisher-French and Whitfield is just the latest example.

The trend is concerning because these scams are becoming increasingly convincing and harder to identify. For financial advisors, this creates an important opportunity to educate clients about the risks and warning signs.

Clients should be reminded that AI technology has become incredibly advanced, and that just because something looks or sounds real does not mean it is genuine.

They should also be encouraged to watch out for:

Promises of unrealistic or unusually high returns.
Offers made on social media, videos or messaging platforms.
Pressure to act quickly or transfer money urgently.
Requests for upfront payments, training fees or additional payments to access funds.
Vague or unclear information about the investment product.
Providers who cannot demonstrate that they are authorised.

Before acting on an investment opportunity, clients should also be encouraged to discuss it with their financial advisor.

By helping clients recognise these red flags, financial advisors can play an important role in protecting them from financial harm, preventing costly mistakes and strengthening trust in the advice relationship.

Read more on the FSCA’s warnings here: