Trevor Manuel, South Africa’s former Finance Minister, has issued a warning about a sophisticated scam that utilises a deepfake of his likeness. Manuel served as Minister of Finance from 1996 to 2009 and later held a position in the Presidency, overseeing the National Planning Commission until 2014. He currently chairs the board of Old Mutual, a role he has held since 2015.
Both Manuel and Old Mutual have alerted the public to the scam, which appears on Facebook and potentially other social media platforms, using his fake image to mislead individuals into investing. They condemned these deceptive tactics designed to exploit unsuspecting members of the public.
Manuel stated, “It has come to my attention that there are social media posts using my image and an artificial voice, pretending to offer investment advice or soliciting investments in products that I supposedly endorse.” He cautioned that artificial intelligence can be misused by malicious actors and affirmed that those images are fraudulent, as he does not provide investment advice.
He referenced the Financial Advisory and Intermediary Services Act (FAIS), which he helped establish during his tenure as Finance Minister, emphasising that only qualified individuals may offer investment advice. To legally give such advice, one must be registered and possess a current registration certificate, which Manuel does not have.
“Moreover, any investment product must be associated with a reputable company and certified by the Financial Sector Conduct Authority. If it’s not certified, I urge people not to engage with it,” he added. Manuel reiterated the old adage: “If it looks too good to be true, it probably is.” He expressed concern for those who have lost their savings to fraudsters, urging everyone to safeguard their financial futures.
Old Mutual has provided several tips for customers to help protect themselves from fraudsters and identity theft:
- Ensure that apps downloaded from the App Store are verified and legitimate.
- Verify all requests for personal information, sharing details only when certain of their legitimacy.
- Never disclose login details such as passwords or banking PINs; Old Mutual will never ask for these.
- Use strong passwords containing letters, numbers, and symbols, and change them regularly.
- Implement multi-factor authentication on all accounts where possible.
- Limit personal information shared on social media and utilise privacy settings.
The company has assured customers that it is committed to protecting their information and is enhancing its security protocols. As the holiday season approaches, the public is urged to remain vigilant and report any get-rich-quick schemes.
Manuel is not the first high-profile individual to have their likeness exploited in a fake investment scam in South Africa, with others including billionaire Elon Musk and former SABC presenter Francis Herd.