Luno , a licensed financial services provider in South Africa and a prominent crypto investment app, is on alert following a recent deepfake scam that targeted one of its employees. This incident underscores the increasing threat of AI-powered impersonation fraud in South Africa, especially in the dynamic cryptocurrency sector, where Luno is actively combating these risks.
The company recently dodged a significant crisis when a deepfake audio message, seemingly from a senior executive, was sent to a staff member via WhatsApp. Although the realistic imitation of the voice and the directive initially raised suspicion, the message was eventually flagged as fraudulent. Luno shared this information with WT, highlighting the advanced nature of these deceptive attacks.
Deepfakes, increasingly sophisticated synthetic media crafted by artificial intelligence, are being weaponized by criminals to deceive individuals and companies, leading to significant financial damage. A notable incident in Hong Kong involved an employee transferring USD 26 million after falling for deepfakes mimicking colleagues, including the companys chief financial officer, during a video call.
Elon Musk, a prominent tech billionaire, has particularly become a prime figure for fraudsters. Following the launch of SpaceX's Starship, YouTube experienced an influx of deepfake videos featuring Musk promising huge returns on fraudulent cryptocurrency investments, demonstrating the rapid proliferation and scale of these scams.
Luno, a platform that facilitates the buying, storing, and education about cryptocurrencies like Bitcoin and Ethereum for millions of users across 40 countries, is acutely aware of the rising threat from deepfakes. Given its business model centered around digital assets, Luno is especially vulnerable to such fraudulent schemes.
