Magnus Heystek deepfake warning

The Financial Sector Conduct Authority (FSCA) issued a public warning about scammers posing as boutique asset manager Brenthurst Wealth and its directors.

The regulator warned that scammers are using a WhatsApp group and deepfake videos to solicit funds from members of the public.

These scammers claim to be associated with Brenthurst Wealth and its directors, Magnus Heystek and Brian Butchart.

Brenthurst Wealth confirmed to the FSCA that it is not associated with the administrators of the WhatsApp group and the deepfake videos that have been published using its details and those of Heystek and Butchart. 

Furthermore, Brenthurt does not use social media, specifically WhatsApp and videos, to market its services or solicit investments. 

“Without commenting on the business promoted through the WhatsApp group and the videos, the FSCA points out that offering financial products and services in South Africa requires its authorisation,” the regulator said. 

“Notwithstanding the FSCA’s attempts to contact the administrators of the WhatsApp group, they were unreachable on the contact details available to the FSCA.”

The FSCA urged the public to act with care when investing their funds, as the number of fraudsters operating scams in South Africa is growing.

“South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations,” it said. 

“The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.” These red flags include:

• Unrealistic or exaggerated returns
• Offers made on social media platforms
• Requirements to pay for services upfront
• Requirements to pay more money to have your investments returned
• Requirements to pay for training
• Claims that you must act and pay urgently, i.e. creating a sense of urgency
• Vague information about the investment product

The FSCA urged the public to confirm the status and FSP number of a service provider or someone claiming to be an authorised service provider before investing.

Deepfake boom in South Africa

Accenture Africa security lead Boland Lithebe recently warned that the increasing use of deepfakes presents a significant threat to South Africa.

Lithebe explained that deepfake technology uses artificial intelligence (AI) to manipulate videos, images, and audio to create hyper-realistic but entirely false content. 

While this trend started as a novelty, it has quickly become a major cybersecurity risk. 

“In South Africa, where misinformation already spreads rapidly on social media, deepfakes could amplify political unrest, financial fraud, and reputational damage,” he warned. 

“The ease with which fake videos can be created makes it difficult for the public to distinguish between real and false information, further eroding trust in institutions and media.”

Since the start of the year, the FSCA has issued several warnings related to deepfakes that were used in alleged financial scams.

For example, on 14 January 2025, the FSCA warned that Gold Earnings Hub and Africa Gold Capital use deep-fake images and videos involving billionaire Patrice Motsepe, among others. 

In these deep-fake videos, Motsepe, who chairs African Rainbow Minerals, promotes the investments offered by Gold Earnings and Africa Gold.  

However, African Rainbow Minerals (ARM) confirmed to the FSCA that neither it nor Motsepe are associated with Gold Earnings and Africa Gold.

“The videos appear to be fraudulent deep-fake videos,” the FSCA said. “ARM and Dr Motsepe have condemned the actions of Gold Earnings and Africa Gold and are considering civil and/or criminal action.”

Satrix’s head of brand, René Basson, previously said the problem has been exacerbated as internet use grows.

“The digital landscape has become a hunting ground for sophisticated scammers. They’re not just after your personal information; they’re targeting your hard-earned investments,” Basson warned.

“Globally, we’re seeing increasingly clever tactics, from fake investment platforms to impersonation of financial advisers on social media.”

Most of the scammers the FSCA has warned against use social media platforms like WhatsApp and Telegram to connect with their potential victims.

However, some scammers are more technologically advanced than others, making it easier for them to deceive the public.