Point of view: JSE warns of deepfake videos impersonating financial leaders

South Africans are no strangers to online scams. From dodgy emails promising instant riches to fake investment groups on WhatsApp, we've seen them all.

But a new scam is doing the rounds that should have everyone on high alert. This time, it’s not just fake profiles or phony schemes. It’s deepfake videos, disturbingly realistic clips using artificial intelligence to impersonate some of the most trusted figures in the country’s financial sector.

The Johannesburg Stock Exchange (JSE) has issued an urgent warning after videos began circulating on Facebook and other platforms, falsely featuring their Group CEO, Dr Leila Fourie, and Mark Randall, Director of Information Services.

In these manipulated clips, the executives appear to be promoting fraudulent investment schemes. They are not. These videos are complete fabrications, designed to mislead and defraud the public.

Let’s be absolutely clear: these videos are scams. They are not endorsed by the JSE, and the people featured in them have had their likenesses and voices digitally manipulated without consent.

It’s a chilling reminder of how sophisticated digital fraud has become, and just how vulnerable everyday South Africans are if we’re not paying attention.

The JSE is working with social media platforms to have the videos removed, but once this sort of content is out there, it’s difficult to contain. The responsibility, then, doesn’t just lie with the platforms or the regulators. It also lies with us, the public. We need to be sharper, more cautious, and far less trusting of unsolicited messages or investment offers online.

Here’s what everyone needs to know: no one at the JSE – not the CEO, not directors, not employees – will ever give you investment advice. Not in person, not via email, and certainly not over WhatsApp, Telegram, or Facebook. The JSE does not operate on those platforms, nor does it request personal information or financial contributions via social media. If someone is using the JSE’s name or logo in a WhatsApp or Telegram group, that’s a major red flag. You should leave the group immediately and report it.

If you’re serious about investing, there’s only one safe route: through a verified JSE member or broker. The full list of authorised brokers is available on the official JSE website (www.jse.co.za), under the “Find a Broker” section. If it’s not on that list, it’s not legit.

And while we’re on the topic, the rise of these deepfake scams also highlights the broader challenge of misinformation in our digital age. With AI tools becoming more accessible, it’s now possible for bad actors to create convincing fake content that can easily trick even the most cautious among us. If someone seems too confident, too convincing, or too insistent that you invest now, that should set off alarm bells.

To help the public stay informed, the JSE has also set up a Fraud and Scams Prevention section on its website, which is updated regularly. It’s worth checking out, especially if you’ve received suspicious messages or seen unusual social media activity related to the JSE. The public is also encouraged to report suspicious activity directly to the JSE via email at info@jse.co.za or ipfraud@jse.co.za, or by calling 011 520 7000.

At the end of the day, the best defence against scams is education. Talk to your friends, your parents, your colleagues. Share this information widely. The more people know, the harder it becomes for scammers to succeed.

We can’t stop scammers from trying – but we can stop them from succeeding. Stay informed. Stay sceptical. And most importantly, stay safe.

* Maleke is the editor of Personal Finance.

PERSONAL FINANCE