A new type of scam made possible through AI is making the rounds in South Africa, but customers should still be on the lookout for “classic” fraud.
South Africa is seeing a rise in deepfake scams, but Nedbank has also cautioned customers to watch out for “old-school” tactics from criminals.
If scammers can get recordings of your facial data, they can create deepfake videos that promote a “great investment opportunity” through AI.“They’ll add screenshots of fake bank pay-outs and testimonials to make them look more credible. They can post these videos on your hacked accounts or DM them to your friends, family and social media followers, urging them to invest and receive high returns,” said Nedbank.
Nedbank said that cybercriminals using this tactic pray on human emotions and has provided a host of tips that one can use to protect themselves:Use call-vetting apps like Truecaller to warn you about spam and spam callers. However, don’t rely on these apps alone. Call the supposed sender directly to check if a message is legitimate before you do anything that could compromise your safety or your finances.Always double-check the credibility of investment opportunities.
Fraudsters can promise loans that entice people in need of financial help with promises like “no credit checks” or “qualify even if you’re blacklisted.”“When you pay that fee, you may also compromise your online banking details. The scammer then uses your details to add themselves as a beneficiary on your account, which you then approve because you think you’re approving the payment of the loan.
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