South Africa's Regulator Warns of WhatsApp Scam Impersonation with 30% Returns

A big wave of investment scams is hitting South Africa, driven by clever deepfake videos that pretend to be from trusted officials to sell fake plans. One scary case spreading on WhatsApp shows a made-up version of the Financial Sector Conduct Authority (FSCA) and its boss, Mr. Unathi Kamlana, backing an AI-driven trading system. This system, wrongly called “NBSG Securities” or “Nedbank Securities,” tempts people with promises of huge profits up to 30%.

The FSCA jumped on X and LinkedIn to clear things up, saying, “We know about a deepfake video on WhatsApp copying the FSCA and its leader, Mr. Unathi Kamlana, to push a new artificial intelligence (AI) trading tool named NBSG Securities or Nedbank Securities that offers 20-30% more on your investment.” The group has strongly pulled away from this trick, calling it a sneaky misuse of its name and look.

These fake videos use smart tech to make believable ads, fooling people into thinking theyre real deals. The FSCA said, “Know that this misuse of FSCA and Nedbank logos is a scam and should be skipped by everyone,” making it clear neither group is tied to the AI trading tool being pushed. Nedbank has also been pulled into this trouble, with scammers using its good name to seem trustworthy.

This isnt a one-time thing. Just a few weeks back, another scam called “J532-NBSG” wrongly tied itself to Nedbank, chasing victims hard on Facebook and WhatsApp. The FSCA warns that these tricks are growing, with AI-made videos and deepfake tools copying respected people or groups to trick those wanting to invest.

By law, these moves are a big deal. Pretending to be companies or faking ties to get money is illegal in South Africa. The FSCA is stepping in, watching these scams closely, and telling people to be careful—especially on social media and apps where random offers pop up. Last year, the group made stricter rules for trading, requiring licenses for anyone sharing or posting online trading tips. Doing it without one is now against the law.

As deepfake scams get trickier, mixing AI with lies, South Africans are told to check offers and report odd stuff to keep their money safe.