Deep Fakes Are an Increasing Threat to SA Businesses

Deep fakes, AI-assisted cyberattacks that create realistic videos, emails, and audio to deceive users, are becoming a growing threat to businesses globally, including in South Africa. Payment security company Eftsure reported a tenfold increase in deep fakes detected across sectors in 2023, with cryptocurrency being the primary target. Luno, a South African cryptocurrency company, has responded by taking down thousands of fake social media sites and fraudulent websites. Experts warn that deep fakes not only threaten financial systems but also contribute to misinformation and manipulation on social media, emphasizing the need for heightened awareness and advanced detection methods.