Old Mutual has urged South Africans to be on high alert as deepfake scams become increasingly sophisticated and widespread, with scammers now using artificial intelligence (AI) to create convincing fake videos, voices, and images to defraud unsuspecting individuals and businesses.
“Deepfakes are no longer just something we see in movies,” says Dhesen Ramsamy, CTO at Old Mutual. “They are, in fact, a real-life threat affecting ordinary people in very real and scary ways. We’ve seen a sharp rise in incidents where scammers are using AI to impersonate well-known personalities or company executives, tricking people into handing over their money or personal information.”
According to cybersecurity research by Sumsub, South Africa experienced a 1 200% increase in deepfake-related attacks in just one year. This is the highest reported spike across the world.
Scarier, though, is a recent Kaspersky survey which revealed that up to 80% of South Africans struggle to distinguish between real and AI-generated content.
How deepfake scams are created
Deepfakes are created using advanced AI tools that manipulate images, videos, or audio recordings to make them look or sound like someone else. Some examples include:
- Fake celebrity endorsements– Criminals edit videos of famous people to falsely promote investment scams.
- Impersonation of executives– Fraudsters pose as company leaders in video calls or voice messages to trick employees into transferring funds.
- Misinformation and defamation– AI-generated content is used to spread false information or harm reputations.
“These scams prey on a mix of curiosity, desperation, and the desire for quick financial gain,” Ramsamy warns. “And in a country where many people are struggling financially, the promise of quick wealth can be a powerful trap.”
In one recent case, a fake video of the late Raymond Ackerman appeared online, falsely promoting a money-doubling scheme linked to Pick n Pay. Similar scams using altered footage of Elon Musk and other public figures have also done the rounds on social media.
Whole-of-society approach needed to fight this threat
Ramsamy believes fighting deepfake fraud requires a whole-of-society approach. The company says working closely with industry bodies like ASISA and SABRIC to strengthen the financial sector’s response is key.
“Scammers are using the same AI tools that companies use to innovate and grow,” Ramsamy says. “That means we all have to work together to stay one step ahead, and that starts with being informed.”
What you can do to stay safe
Old Mutual is calling on all South Africans to equip themselves with knowledge and take simple steps to protect themselves and their families:
- Pause and verify: If a video or voice message seems suspicious, don’t act on it immediately. Contact the company or person directly to confirm.
- Check for red flags: Look out for unnatural blinking, mismatched lip movements, or robotic-sounding voices. These are often signs of deepfake content.
- Use free online tools: Services like TinEye (for checking images), Deepware (for videos), and Resemble.ai (for voice) can help you spot fakes.
- Resist the temptation: There is no such thing as a guaranteed get-rich-quick investment.
“At Old Mutual, we are investing in technologies that can help detect and prevent these scams, but the most important defence remains public awareness,” Ramsamy says. “So, remember, the best defence against falling for a deepfake scam is to resist the temptation of easy money. Always weigh up any online offer against the reality that there is no such thing as a guaranteed get-rich-quick investment.
“Be cautious of offers that promise unusually high returns with little to no risk – they often signal a scam.”