Deepfake of Old Mutual chairman used in Facebook investment scam
Fraudsters are using AI-generated deepfake images and voice recordings of Trevor Manuel, chairman of South African insurance company Old Mutual, in Facebook scams to impersonate him and encourage victims to invest in products. Manuel and Old Mutual have publicly warned that the images are fake and urged people to verify credentials and only use certified financial advisors.
What happened
Fraudulent Facebook posts circulating on social media use AI-generated fake images and voice recordings of Trevor Manuel, Old Mutual's chairman, to depict him providing investment advice or encouraging people to invest in specific products.
Manuel stated in a warning that the images are fraudulent and that he does not give investment advice. He noted it would be illegal for him to do so under the Financial Advisory and Intermediary Services Act, which requires only qualified, registered individuals with valid certification to offer investment advice, a certification he does not possess.
Reported impact
Manuel expressed concern about people losing hard-earned money, particularly retirement savings, to the scam. Old Mutual and Manuel urged the public to exercise caution and verify credentials before engaging with any investment opportunity.
Index analysis
The scam uses AI to generate both fake images and voice recordings of Manuel to create a sophisticated impersonation designed to deceive investors into fraudulent transactions.
Governance controls
Old Mutual advised customers to verify requests for personal information, never share login details, apply multi-factor authentication where possible, and check that investment products are certified by the Financial Sector Conduct Authority.
Old Mutual stated it takes protection of customer information seriously and is in the process of strengthening its security controls.
Classification
Sources and evidence
Sources not yet published
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