The technology that presents a significant threat to South Africa

The increasing use of ‘deepfakes’ presents a significant threat to South Africa and could lead to political unrest, financial fraud, and reputational damage.

Accenture Africa security lead Boland Lithebe warned that deepfakes have terrifying implications for the country.

“Imagine waking up to a video of the President announcing a national emergency that never happened. Or a CEO admitting to fraud,” he said. 

“In today’s digital world, deepfakes make such scenarios increasingly possible, with terrifying implications for South Africa’s democracy, economy, and personal reputations.”

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.”

This issue became a point of national interest at the end of 2024 when the Financial Sector Conduct Authority (FSCA) provisionally withdrew Bafana Bafana-sponsor Banxso’s operating license on 16 October. 

Banxso’s bank accounts were frozen earlier on 2 October under the Financial Intelligence Centre Act over suspected illicit activity.

This followed complaints to the regulator regarding Banxso’s conduct and potential breaches of financial sector laws. 

The FSCA said it had received reports that the company had been benefitting from deepfake adverts promising profits of up to R300,000 a month from an investment of R4,700. 

Banxso has been adamant that it has no connection to the adverts which featured Elon Musk, Johann Rupert, and Nicky Oppenheimer. It said it was a victim of hacking. 

Some investors who clicked on the ads and gave Banxso their contact details have reported losing millions of rands after trading on the company’s platform.

The decision to provisionally withdraw Banxso’s licence to operate was made after preliminary findings by the FSCA. 

The investigation is not yet complete, and the company will have a chance to state its case with the regulator.

In November 2024, an application for Banxso’s liquidation was brought to the Western Cape High Court.

Serious consequences

Lithebe said the threats deepfakes pose are increasingly serious, especially now with local government elections approaching.

He said deepfakes could be weaponised to spread false narratives, influence voter sentiment, or discredit political figures. 

“Given South Africa’s history of political tensions, the potential for chaos is high if fake videos of leaders making inflammatory remarks or policy announcements go viral,” he said. 

“Cybercriminals are using deepfakes to impersonate executives, authorising fraudulent transactions or misleading investors.”

For example, he said a well-executed fake video of a bank CEO announcing financial distress could trigger panic and economic instability. 

“Imagine a fake video showing a business leader or celebrity making offensive statements,” he said. 

“By the time the truth is revealed, the damage is already done. Businesses must prepare for this new wave of digital threats to their reputation.”

Unfortunately, Lithebe said deepfakes are here to stay, but South Africa can take steps to mitigate their impact. 

He suggested that companies and media houses use AI-powered verification tools to analyse videos and detect manipulations before they spread. 

In addition, the public must be educated on how to identify deepfakes. 

“Schools, businesses, and government agencies should run awareness campaigns to help people critically assess digital content,” he urged.

He added that regulatory reform may also be needed, suggesting that South Africa’s cyber laws be updated to specifically address deepfake crimes, ensuring legal consequences for those who create or distribute harmful content. 

In addition, social media platforms must take responsibility for detecting and removing deepfakes, working with government agencies to curb disinformation. 

“Deepfakes are not just a technological novelty – they are a real and growing threat to South Africa’s digital security,” he warned.

“Business leaders, policymakers, and the public must act now to strengthen defences against this emerging menace.” 

“The time to prepare is before – not after – the first major deepfake crisis shakes the country. The question is no longer whether deepfakes will affect South Africa, but how well we are prepared to deal with them.”

This article was first published by Daily Investor and is reproduced with permission.