Regulator Alert: Deepfake Video Featuring Siya Kolisi and FSCA Used to Endorse Fraudulent Investment Schemes

The Financial Sector Conduct Authority (FSCA) in South Africa has issued a public warning against a fraudulent investment platform falsely claiming affiliation with the FSCA, South African Reserve Bank (SARB), FirstRand Limited, and Standard Bank.

The scam involves a deepfake video featuring renowned rugby player Siya Kolisi, in which he appears to promote investment schemes offering unrealistic returns, including daily payouts of between 8,000 ZAR and 12,000 ZAR on a 4,400 ZAR investment, and monthly returns reaching 160,000 ZAR.

The FSCA confirms it has no association with the individuals behind the video, who haven’t responded to the FSCA’s enquiries regarding the matter. Both SARB and FirstRand have publicly distanced themselves from the video and launched internal investigations into the misuse of their branding.

Public Advisory

The FSCA urges the public to exercise caution and avoid accepting financial advice, assistance, or investment offers from unauthorized individuals or entities. 

Key verification steps before making any payments include:

• Confirming the provider is authorised by the FSCA to offer financial products or investment advice
• Checking the category of advice the person or company is licensed to provide
• Ensuring the FSP number matches the registered name on the FSCA database

For guidance on how to check an entity’s FSP number, visit BrokersView.

If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.