Deepfakes, boiler rooms, and bully tactics – The truth about FXSI - BizNews
A deepfake video featuring Alec Hogg and Cyril Ramaphosa was used to promote a fraudulent online trading scheme, leading to financial losses for victims.
- Incident date
- May 2026
- Target
- Alec Hogg and Cyril Ramaphosa
A deepfake video of a fake news program was used to promote a fraudulent trading scheme. The video depicted Alec Hogg and Cyril Ramaphosa and was used to lure South Africans into an online trading scheme called FXSI.
What happened
The deepfake video was presented as a Carte Blanche episode featuring Alec Hogg and Cyril Ramaphosa. The video was used to promote FXSI, a fraudulent online trading scheme. An anonymous victim reported losing over R24,000 after being drawn in by the deepfake advert and pressured by account managers. After BizNews reported on the scheme, lawyers claiming to represent FXSI demanded the article and podcast be removed. BizNews refused.