BY SIFISO NHLABATSI
MBABANE – Minister of Finance Neal Rijkenberg has warned Emaswati not to fall victim to sophisticated artificial intelligence (AI)-generated investment scams that falsely portray him endorsing companies and promising lucrative financial returns.
Rijkenberg said fraudsters are manipulating genuine videos from the Ministry of Finance’s Finance in Focus programme using AI technology to make it appear as though he is encouraging members of the public to invest in specific companies. He stressed that the videos are entirely fabricated and are being used to deceive unsuspecting investors.
The minister issued the warning while addressing the growing threat posed by AI-powered scams, saying the technology has become so advanced that the fake videos now closely resemble his appearance, voice and manner of speaking.
“You’ll see social media clips about the Minister of Finance using this same platform we use on Finance in Focus telling Emaswati to invest in certain places and mentioning companies with big returns. Please understand that this is fake news,” he said.
Rijkenberg explained that criminals are taking authentic ministry footage and using AI software to alter both the audio and visuals, making it appear as though he is promoting investment schemes he has never endorsed.
He said the first manipulated videos were relatively easy to identify because they featured an American accent that did not match his own. However, he warned that newer AI-generated videos have become far more convincing.
“The last one that came out had my accent almost correct, so it is getting clearer and clearer and does look authentic,” he said.
The minister emphasised that he would never recommend one financial institution or investment company over another because doing so would be inappropriate for someone holding his office.
“I would never choose one company and say this is the one because I am the Minister of all financial institutions. So please do not put your money there. It is fraud, it is a scam. Stay away from those things,” he cautioned.
Rijkenberg said the rapid advancement of artificial intelligence presents new challenges, as scammers are increasingly using deepfake technology to exploit the credibility of public figures in order to steal money from unsuspecting citizens.
He urged Emaswati to carefully verify investment opportunities before committing their savings, warning that promises of exceptionally high returns should immediately raise suspicion.
“Anyone coming with higher returns must be approached with caution because in life, higher returns come with higher risks,” he said.
He explained that legitimate low-risk investments generally offer modest returns, citing bank savings products and government bonds that typically provide interest of between eight and nine percent.
“The lower the return, the lower the risk. That is generally how investments are structured,” he said.
For those seeking alternative long-term investments, Rijkenberg said livestock remains one of the most practical options for many Emaswati, particularly those with access to grazing land and homesteads.
He said cattle and goats can generate sustainable returns through breeding, provided owners understand livestock management and have adequate resources to care for the animals.
The minister’s warning comes amid a global surge in AI-enabled fraud, where criminals use increasingly realistic deepfake videos and cloned voices of trusted public figures to persuade victims to transfer money into fraudulent investment schemes.
(Courtesy Pic)
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