Summary of article as published on News 24.
According to a News24 report, South African business executives are increasingly being impersonated by criminals on social media and through cloned websites, who exploit the companies’ brand identities.
Andries van Heerden, CEO of Afrimat, shared with News24 that these scams have become highly sophisticated. In one instance, a close friend was convinced they were conversing with him in Afrikaans via Telegram. The impersonator even referenced personal values and details, making the deception very convincing.
The News24 article highlights that a cybersecurity expert advises internet users to adopt a “zero-trust” approach online. Additionally, they suggest that companies should invest in tools to actively monitor and detect fraudulent activities.
The News24 article details how Afrimat has experienced various scams, including fake share sales, fraudulent cryptocurrency offers, and a bogus website selling Afrimat products with upfront payment demands.
The issue, according to the News24 article, has escalated significantly over the past two years, with numerous cases reported monthly across different platforms. Scammers are now using current press information, company logos, and social media content to enhance their deceptions.
Despite Afrimat’s efforts to warn the public, as reported by News24, individuals are still falling victim to these scams. One example given was of an elderly gentleman who was tricked into paying for discounted shares he believed were being sold by the CEO.
Afrimat, according to the News24 article, reports that the frequency of these scams is rising, with new incidents being reported almost weekly.
The News24 article states that while Afrimat reports these scams and has had some success in shutting down fake websites, Telegram has been unresponsive. They have also filed police reports, but the perpetrators are difficult to trace.
The company, according to News24, is concerned about the reputational damage these scams cause. They are actively trying to educate the public to use legitimate channels for transactions.
The News24 article included insights from Anna Collard, a cybersecurity expert, who emphasized that fake profiles of prominent business leaders are a growing problem. She noted that many South African financial services executives have had their identities misused on platforms like Telegram.
The article states that companies like Growthpoint Properties and Remgro have also issued warnings about executive impersonation scams.
News24 reported that it was able to quickly find multiple fake profiles of Andries Van Heerden on Telegram.
According to the News24 article, the Financial Sector Conduct Authority (FSCA) has also warned against these types of scams.
Collard, speaking to News24, explained that scammers exploit the perceived legitimacy of respected business leaders. The accessibility of AI tools makes it easier and cheaper to create convincing impersonations.
The News24 article describes how scammers gather information from various online sources, including websites, LinkedIn profiles, and data breaches. They are also using AI to generate fluent messages in different languages, such as Afrikaans.
Collard, in the News24 article, recommends a “zero-trust” approach to online interactions and suggests that companies use AI-driven tools to detect and prevent scams.
The News24 article suggests that companies should use brand protection services, and that business leaders should maintain clear social media profiles while avoiding oversharing personal information.
The News24 article advises consumers to be sceptical of online offers from CEOs and to be wary of deals that seem too good to be true.
