Last week, the Financial Sector Conduct Authority (FSCA) issued an urgent warning about sophisticated scams targeting traders.
Fraudsters are now using deepfake videos to impersonate well-known business leaders, officials, and brokers to lure South Africans into fake investment platforms.
Among the high-profile names being misused are businessman Patrice Motsepe, broadcaster Leanne Manas, President Cyril Ramaphosa, and Deputy President Paul Mashatile. Using AI-generated video manipulations, scammers present fraudulent promises of significant daily returns from small investments.
Other scams involve the impersonation of respected financial executives, such as Momentum Metropolitan’s Risto Ketola and entire brands like Brokstock SA.
In some cases, fraudsters have gone as far as to impersonate the FSCA itself, produce fake certificates, misuse legitimate FSP numbers, and pose as regulatory officials to give their scams an air of credibility.
Many of these schemes operate on messaging apps like WhatsApp and Telegram, where oversight is limited and victims are easily reached.
“These impersonation scams represent a dangerous new phase in financial fraud,” says MJ Givens Kgasi, an analyst at Octa. “The tactics have moved beyond unrealistic returns and unlicensed operators. Now, scammers are actively hijacking the names, faces, and credibility of South Africa’s most trusted institutions and individuals. For traders, this makes due diligence more important than ever.”
While forex and crypto scams are not new, deepfake videos and fake documents now make them harder to spot. In a tough economy, fraudsters target South Africans seeking side income or quick returns.
Both the FSCA and trading experts stress the need for extra vigilance. The first step is always to verify whether a broker or platform is properly licensed and authorised.
“Anyone promising guaranteed returns, offering unsolicited investment deals, or creating urgency to act immediately should raise instant red flags. Scammers rely on fear of missing out (FOMO) to push people into rushed decisions,” warns Kgasi.
Octa outlines the following key checks traders should do:
- Verify FSCA registration: always confirm that the broker is licensed by searching the FSCA’s online database. A licensed Financial Services Provider (FSP) will have a valid registration number that matches the company name.
- Avoid platforms operating via social media or WhatsApp groups: legitimate brokers do not solicit business through informal messaging apps.
- Watch for impersonation tactics: scammers often misuse executive names, brand logos, or fake FSCA certificates to appear legitimate. Always contact the FSCA directly to confirm any entity claiming affiliation.
- Be cautious of guarantees: no credible investment guarantees specific daily returns, especially in high-risk markets like forex or crypto.
If they are approached, the FSCA urges consumers to report incidents via official channels. Victims who have deposited funds should also contact the police and seek legal help.
“Education is traders’ first line of defence,” Kgasi says. “Scammers thrive on ignorance. The more you understand about how legitimate trading platforms operate, including how licensing, pricing transparency, and withdrawals work, the harder it becomes for criminals to exploit you.”