Beware of deepfake scams

OLD Mutual is urging South Africans to be on high alert as deepfake scams become increasingly sophisticated and widespread.

- STAFF REPORTER

Scammers are leveraging artificial intelligence (AI) to create highly convincing fake videos, voices, and images, duping unsuspecting individuals and businesses.

The growing threat of deepfake scams

"Deepfakes are no longer just a futuristic concept in movies. They have become a real-life threat, impacting ordinary people in alarming ways," says Dhesen Ramsamy, chief technology officer at Old Mutual.

The company has observed a sharp increase in cases where fraudsters use AI to impersonate well-known personalities or company executives. Their goal? To trick victims into handing over their money or personal information.

According to Old Mutual, recent cybersecurity research by Sumsub reveals a staggering 1,200% surge in deepfake-related attacks in South Africa within a single year-the highest reported increase globally. Even more concerning, a survey by Kaspersky found that up to 80% of South Africans struggle to distinguish between authentic and AI-generated content.

How deepfake scams work