SARB Warns Public Over Deepfake Investment Scam Featuring Governor Kganyago

The South African Reserve Bank (SARB) has issued a public warning over a deepfake video circulating online. The video falsely depicts Governor Lesetja Kganyago endorsing a fraudulent investment scheme.

The manipulated footage uses AI-generated voice and visuals to portray Kganyago encouraging viewers to invest through a suspicious platform. SARB confirmed the video is fake and urged the public to exercise caution when engaging with online content.

"BEWARE OF DEEPFAKES! A video is circulating online showing the South African Reserve Bank (SARB) Governor speaking about an investment opportunity, but the voice is fake," the central bank posted on its official X account. It reiterated that SARB does not promote investments or request money transfers, warning that deepfake scams are designed to mislead and defraud.

Source: X/@SAReserveBank

The warning comes amid a sharp rise in deepfake-related fraud across South Africa, with reports indicating a 1,200% surge in cases. Scammers increasingly use AI technology to impersonate public figures and lure victims into financial traps.

In a related alert issued in August, the Financial Sector Conduct Authority (FSCA) flagged a fraudulent investment platform falsely claiming ties to the FSCA, SARB, FirstRand Limited, and Standard Bank. That scam featured a deepfake video of rugby player Siya Kolisi appearing to promote high-return investment schemes.

If you find a deepfake investment scam, report it via BrokersView to help expose the fraud and prevent further harm.