David Barrett, CEO of EBC Financial Group (UK).
The rapid growth of digital banking is creating opportunities for cyber criminals to use deepfake technology, particularly AI-generated voice and video scams, to commit fraud. Experts warn of deepfake investment content and impersonation tactics spread on social media and messaging apps.
This is according to global financial brokerage and asset management firm EBC Financial Group, which states that scammers in SA are using AI to imitate trusted voices and faces, pairing it with classic social engineering.
The company says the mainstream establishment of digital payments means the scale of the problem is serious. While SA’s rapid innovation is a strength, faster, easier payment journeys also create openings for criminals. Visa has said contactless payments now account for over 60% of face-to-face payments locally, showing how normal “tap-and-go” has become.
The company cites data from PayInc (formerly BankservAfrica) showing electronic transactions hit an all-time high of 176.3 million in May 2025, while their value reached R1.361 trillion in June 2025.
The deepfake threat is further compounded by Remote Access Trojan (RAT) attacks – malicious software that allows fraudsters remote control of a victim’s device.
Cybersecurity professionals caution that RATs are designed to hide, so clear signs like a slower computer are often absent. They believe the threat is increasing.
Martin Potgieter, regional CTO at Integrity360, said: “Remote Access Trojans are a common method for threat actors to gain complete control of a device, particularly among consumers who lack corporate-grade security controls. These tools are not new, but they continually evolve to evade security. Most recently, AI allows attackers to craft legitimate-looking communications to trick consumers into installing RATs.”
Recent public alerts have highlighted deepfake investment videos and impersonation content designed to move victims from social platforms into a payment flow.
The pattern is reflected in the numbers. TransUnion reported that SA saw a 1 200% spike in deepfake-linked fraud in 2023, warning that audio and video impersonation scams are rising fast. It added that in 2024, deepfake incidents surged by 393% in Africa.
SABRIC (South African Banking Risk Information Centre) has highlighted real-life cases, including one where a victim was misled into investing over R6 million, and another where a victim lost over R100 000 to a fraudulent broker-style scheme.
Instant payments are also expanding. PayInc’s latest reporting shows PayShap recorded 329 million transactions worth R292.5 billion.
From EBC’s perspective, deepfakes represent a “trust shock”. When people fear content is fake, they hesitate. More checks, disputes and delays raise costs across the system for consumers, merchants, banks and payment providers.
Check Point Software Technologies’ Check Point African Perspectives on Cyber Security Report 2025 states that by 2026, autonomous AI agents will be embedded in African logistics and financial systems. It adds that in Africa’s mobile-first economy, AI-generated deception is now the fastest-growing cyber threat.
With SIM-swap fraud already costing SA more than R5 billion annually, the report warns that cloned voice authorisations and synthetic digital interactions will increasingly bypass traditional mobile authentication methods in 2026.
Deepfake-enabled fraud is part of a wider global pattern combining identity deception, social engineering and fast payment channels.
In December 2025, INTERPOL’s Operation Sentinel across Africa reported 574 arrests in 19 countries, about $3 million recovered, over 6 000 malicious links taken down, and cases linked to estimated losses exceeding $21 million.
At the policy level, the Financial Action Task Force published a horizon scan on AI and deepfakes on 22 December 2025, warning that these tools can lower the cost of impersonation and enable new fraud patterns if controls do not keep pace.
Payments also cross borders. Chainalysis’ 2026 Crypto Crime Report introduction says illicit crypto-currency addresses received at least $154 billion in 2025, underscoring how quickly criminal ecosystems can scale when trust and identity are compromised.
EBC Financial Group advises the following steps:
- Pause before paying: Treat urgent payment requests as suspicious, especially those sent via social media or messaging apps.
- Verify through a second channel: Call a trusted number, not the one provided in the message.
- Avoid installing “investment” apps from links: Use official app stores and verified websites only.
- Be cautious of promised returns: “Guaranteed” or unusually high profits, including those backed by deepfake endorsements, are common hooks.
David Barrett, CEO of EBC Financial Group (UK), said: “Deepfakes change the rules by removing the usual warning signs. When people cannot trust what they see or hear, scammers gain an unfair edge, weakening confidence in the wider digital economy. The safest habit is verification. Real messages withstand basic cross-checks; scams fall apart after one question.”
