Beware of deepfake investment scam using Maya Fisher-French, Bruce Whitfield - EWN

The Financial Sector Conduct Authority (FSCA) has issued a formal warning to the public regarding a sophisticated investment scam utilizing deepfake technology to misappropriate the identities of financial journalist Maya Fisher-French and broadcaster Bruce Whitfield. These fraudulent advertisements, which have appeared across various social media platforms, falsely suggest that these public figures are endorsing an investment opportunity known as "Quantum AI."

What happened

The perpetrators behind this scheme utilized artificial intelligence to manipulate footage from a genuine interview, altering the audio to create a convincing, albeit false, endorsement. The deceptive content claims that "Quantum AI" is linked to Elon Musk and promises investors returns of up to R60,000 per week from an initial investment of R4,200.

Fisher-French publicly confirmed that the videos are malicious fabrications, noting that the use of a credible person's reputation is a tactic designed to bypass the critical judgment of potential victims. The FSCA emphasized that such promised returns are entirely unrealistic and serve as a primary indicator of investment fraud. Furthermore, the regulator warned that the entities operating this scheme are likely providing financial services without proper authorization.

In response to the incident, the FSCA and the affected journalists have urged consumers to remain vigilant against unsolicited investment offers found on social media. They advise the public to look for common red flags, such as demands for upfront payments, pressure to act with urgency, or claims of guaranteed profits. Before committing funds, individuals are encouraged to independently verify whether a financial service provider is properly authorized by contacting the FSCA directly through their official channels.