Old Mutual Warns of Rising Deepfake Scams in South Africa

According to Sumsub’s cybersecurity research, South Africa experienced a staggering 1200% increase in deepfake-related attacks within a single year, marking the highest reported surge worldwide.

A recent Kaspersky survey revealed a concerning statistic: up to 80% of South Africans struggle to tell the difference between real and AI-generated content.

“Deepfakes are no longer just something we see in movies. They are a real-life threat affecting ordinary people in very real and scary ways,” says Dhesen Ramsamy, Chief Technology Officer at Old Mutual.

Scammers are now employing artificial intelligence (AI) to produce convincing phony movies, voices, and images to scam unsuspecting people and businesses. “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.”

 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.

A whole-of-society approach is 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. That means we all have to work together to stay one step ahead, and that starts with being informed,” Ramsamy says.

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:

1. 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.
2. Check for red flags: Look out for unnatural blinking, mismatched lip movements, or robotic-sounding voices. These are often signs of deepfake content.
3. Use free online tools: Services like TinEye (for checking images), Deepware (for videos), and Resemble.ai (for voice) can help you spot fakes.
4. Resist the temptation: There is no such thing as a guaranteed get-rich-quick investment.

“So, remember, the best defense 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,” Ramsamy concludes.