Old Mutual Warns of Deepfake Videos Impersonating Chairman Trevor Manuel
Old Mutual and financial regulator warned the public about deepfake videos of Chairman Trevor Manuel being used in investment scams on social media. The deepfakes use artificial voice and video to impersonate Manuel providing investment advice, part of a broader pattern of scams using deepfakes to impersonate high-profile individuals.
What happened
Old Mutual warned the public about deepfake videos circulating on social media that purportedly show Trevor Manuel, the chairman of Old Mutual, providing investment advice and encouraging people to invest in certain products.
Manuel stated that the videos use his image and artificial voice to impersonate him giving investment advice or requesting investments. He clarified that he does not give investment advice to anybody and it would be illegal for him to do so under the Financial Advisory and Intermediary Services Act.
Reported impact
Manuel noted that "too many people have lost their hard-earned money, especially what they've saved for later in life, stolen by crooks," in connection with investment scams using deepfakes.
Index analysis
The Financial Sector Conduct Authority warned the public about unauthorised entities and individuals offering investment services, including Dazzle Brilliance Diamond (Pty) Ltd., which solicits funds promising unrealistic returns such as R6,000 from R2,500 invested in 40 days.
The FSCA noted that Lucas Sekhorane Maake offers forex signals and account management services, offering to trade on behalf of members of the public in return for 50% of profits. The Authority cautioned that signal providers may share fictitious signals and fake trading patterns to lure clients into participating.
Governance controls
The Financial Advisory and Intermediary Services Act, passed in 2002, stipulates that only authorised individuals can provide investment advice and offer financial products.
Classification
Sources and evidence
Sources not yet published
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