The FSCA warns the public to be cautious when dealing with individuals impersonating News24 financial journalists.

• For more financial news, visit News24 Business.

Two award-winning financial journalists contributing to News24, Maya Fisher-French and Bruce Whitfield, are being impersonated with deepfake AI videos that aim to dupe people into investing in doubtful schemes.

On Friday, the Financial Sector Conduct Authority (FSCA) warned the public to be cautious when dealing with individuals impersonating Fisher-French or Whitfield.

The deepfake video is posted on Facebook and promotes investing into Quantum AI, a company allegedly owned by SA-born billionaire Elon Musk. Quantum AI, while a concept, is not a company, and certainly not one owned by Musk.

People are promised a ridiculous return of up to R60 000 per week on an initial investment of R4 200 – a very clear case of “if it sounds too good to be true, it probably is”.

“The FSCA strongly emphasises that promises of such high returns are unrealistic and are a common indicator of fraudulent investment schemes.”

Both Fisher-French and Whitfield have confirmed that the video is a deepfake, and that they are not associated with its publishers or the investment being promoted.

Fisher-French writes about general personal finance, while Whitfield presents the podcast Bruce Whitfield’s Business Week.

The FSCA warns: “The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media. There are many fraudsters operating scams, and the number is growing.”

It lists the following red flags:

• Unrealistic or exaggerated returns;
• Offers made on social media platforms;
• Requirements to pay for services upfront;
• Requirements to pay more money to have your investments returned;
• Requirements to pay for training;
• Claims that you must act and pay urgently, that is, creating a sense of urgency; and
• Vague information about the investment product.

Consumers are urged to verify with the FSCA whether a person or organisation is an authorised financial service provider (FSP) via:

• Phone toll-free on 0800 110 443, or
• Visit https://www2.fsca.co.za/Fais/Search_FSP.htm and enter the FSP number provided.

Consumers are also urged to report suspicious activities to:

• The FSCA ethics and fraud hotline at 0800 313 626,
• Email [email protected], or
• Online at www.behonest.co.za.

Previously, deepfake videos and fake websites have used the names of Johann Rupert, Trevor Noah and other well-known South Africans to defraud the public.

Increasingly, legitimate news sources such as News24 are being imitated, leading them to appear to promote fraudulent investments. Neither News24 journalists nor its freelance contributors will ever recommend specific investments or urge people to click on links to invest directly.