The Financial Sector Conduct Authority (FSCA) has warned the public against accepting financial advice, assistance, or investment offers from Gold Earnings Hub and Africa Gold Capital. These firms are using deepfake videos featuring prominent figures like Patrice Motsepe to promote their investments. The FSCA emphasizes that neither firm is authorized to provide financial services and urges the public to be cautious of fraudulent schemes, especially those promising unrealistic returns.
the public against accepting financial advice, assistance, or investment offers from Gold Earnings Hub and Africa Gold Capital, two firms found to be using deepfakes to secure investment.
“The videos appear to be fraudulent deepfake videos. ARM has confirmed that neither it nor Dr Motsepe have any association or relationship with Gold Earnings and Africa Gold,” the FSCA said in a statement. For those unsure, it notes that authorised financial services providers must display their authorisation status in their documentation.
Unfortunately, some illegal investment schemes may appear legitimate, making the identification of warning signs crucial. Unlike his previous “family meetings”, Ramaphosa appeared static in the video, with his face and body barely moving as he spoke. His voice and accent also sounded strange.
DEEPFAKES FINANCIAL FRAUD INVESTMENTS SOUTH AFRICA FSCA
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