Nedbank issued an urgent public warning on Friday after a fake online advertisement began circulating online, falsely claiming that the bank’s chief executive, Jason Quinn, is promoting an investment product supposedly “powered by Nedbank”.

According to the bank, the advert uses AI-generated video and audio to impersonate Quinn, making it appear as if he is personally endorsing the fraudulent investment opportunity. Nedbank has confirmed that the content is a scam and is not linked to the bank or any of its legitimate products.

In a statement posted on their social media accounts, Nedbank said scammers are increasingly using advanced artificial intelligence tools to create convincing deepfake videos and voice recordings to deceive the public.

“This is a scam,” the bank warned. “Do not engage, do not provide any personal information, and do not transfer money.”

The bank urged members of the public to report the fake adverts directly to the relevant social media platforms where they appear and only to trust communication issued through Nedbank’s official, verified channels.

Victims or those who suspect fraudulent activity are encouraged to report it immediately to Nedbank’s fraud hotline on 0800 110 929.

Financial institutions and companies across South Africa have raised growing concern about the rise of AI-enabled scams, which are becoming increasingly harder to detect as the technology improves. Deepfake scams often target trusted public figures, executives or celebrities to create a false sense of legitimacy and urgency, pressuring individuals into making quick financial decisions.

Cybersecurity experts have repeatedly warned that banks will never promote investment products through unsolicited social media adverts or request personal or banking information via video messages, WhatsApp or direct messages.

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