Momentum warning

Momentum has warned about increased fraudulent impersonation scams, including some using deepfake technology, urging South Africans to remain vigilant.

Momentum Group Digital and Technology Officer Ravi Govender warned that scammers increasingly use “deepfake” content.

This includes seemingly personal WhatsApps and pages on social media platforms like Facebook, which fraudulently misrepresent association with the company.

These types of scams usually involve fraudsters impersonating a brand and senior or well-known current and former employees to con people into fake investment schemes. 

This is sometimes done through deepfakes, which are videos, images and audio generated by artificial intelligence (AI) and designed to impersonate real-life people or scenarios.  

“Alarmingly, the manipulated content looks or sounds realistically life-like, making it increasingly difficult for the public to differentiate between what is real and likely versus fake,” Govender said.

Some of the most prevalent platforms where this type of content is shared include fraudulent WhatsApp or Telegram groups.

Scammers create these groups purporting to be from known and successful executives associated with a company.

Govender explained that AI has taken the world by storm and noted that its applications have mostly been beneficial.

However, he said AI’s many uses are a double-edged sword, as scammers now use this sophisticated technology to defraud and manipulate victims.  

“The threats are everywhere, and we urge consumers to educate themselves and to be constantly vigilant to not get caught out,” he said. 

“If it seems too good to be true, it probably is, and we urge both current and potential clients to seek advice from a financial adviser before depositing their hard-earned money into these schemes.”

He urged consumers to be hyper vigilant when being approached to invest or part with money. 

“How likely, after all, is it that the CEO, CFO, board member or famous billionaire has your number, and is involved in direct marketing via an unidentified WhatsApp group or social media video?” he asked.

Deepfake dilemmas

Govender pointed to a case from earlier this year, which showed the potential danger of deepfake technology used by scammers.

Earlier in 2025, a deepfake video of retired businessman and former Momentum board member Laurie Dippenaar was circulated on Whatsapp and Facebook, asking people to invest.  

The video included a voice-over that sounded exactly like Dippenaar and seemed highly convincing. 

Similar videos of Elon Musk or local billionaire Patrice Motsepe have also been doing the rounds. 

Just this past week, a similarly fake WhatsApp group supposedly managed by Momentum Group FD Risto Ketola was also trolling for investment cash.

Govender warned that scammers use every trick in the book to entice people. He, therefore, highlighted a few questions consumers can ask themselves to avoid falling victim:

• What is the realistic likelihood of this person reaching out to you directly and personally?
• Are the promised returns unrealistic or exaggerated?
• Is the timeline of achieving massive returns unrealistic, like next week or next month?
• Is there pressure to act fast or miss out, creating a sense of false urgency and skipping steps like receiving proper documentation or policy information?
• Is there a way to check the authenticity of said investment? Can you check the company’s official website, visit its offices, or email to ask more questions?
• Before you make any payments, will you have an investment portfolio or policy number, plus paperwork?
• Where are you being asked to pay in money?  Reputable companies will never ask you to pay into personal bank accounts.

Govender said an added protection is to ask for the financial service provider (FSP) number of the service provider. 

In a highly regulated industry like South Africa’s, FSP licence numbers are only issued by the Financial Sector Conduct Authority (FSCA) after a stringent application process.

“The same applies to verification of certified and professional financial planners and advisers,” he said. 

“The FSCA is specifically set up to protect consumers, and they play a role in verifying credentials and continually educating and warning people against scams.”

Therefore, consumers can call the FSCA or use its website to verify an FSP license number or an accredited professional adviser.

“We recognise that these are challenging economic times for many, and it is especially sad that it is in this context that the desperation that people feel often leads them to be taken advantage of by these get-rich-quick scams,” Govender said. 

“Don’t be fooled. When in doubt, reach out to a financial adviser, to the company or to the FSCA who will all be happy to give you a view on whether this is real or not.”