FSCA warns against platform using deep fake videos of Siya Kolisi for investment

The Financial Sector Conduct Authority (FSCA) warned on Friday that individuals are using a deepfake video involving  Siya Kolisi and the logos of amongst others, the FSCA, FirstRand and the South African Reserve Bank (SARB) to solicit investments from the public.

Kolisi has made history by becoming the first black captain of the South African rugby team, the Springboks and has shot to fame.

The FSCA said the public must be cautious when conducting financial services business with an investment platform purporting to be associated with it, the SARB, First Rand Limited and Standard Bank Limited.

In the deepfake video Kolisi is seen promoting investments via a platform, where investors are offered unrealistic returns.

Investors are offered returns of between R8 000 and R12 000 per day on an investment of R4 400, and monthly returns up to R160 000 a month.

The SARB and FirstRand have distanced itself from the deepfake video and are conducting its own internal investigations regarding the use of its details, in what is clearly a deepfake video. The FSCA also confirms that it is not associated with those behind the deepfake videos. The individuals behind the deepfake video did not respond to FSCA enquiries.

To avoid unnecessary risk, the public should refrain from accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA.

Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments.

It is highly recommended that the public verify that an entity or individual is authorised by the FSCA to provide financial products and services, including for giving recommendations about how to invest.

One of the following methods may be used to confirm the status and FSP number of a service provider or a person that claims to be an authorised service provider is a toll-free number: 0800 110 443 or online search for authorised financial institution by license category https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-Entities-Persons.aspx

BUSINESS REPORT