23 Sep Deepfakes: The New Frontier of Cyber Threats Targeting South African Businesses
Picture this: You receive a video call from your CEO while they’re traveling to Cape Town for client meetings. They urgently need you to authorize a R2.5 million wire transfer for a “confidential acquisition opportunity.” The video quality is perfect, the voice is unmistakably theirs, and they even reference the lunch you had last Tuesday. You process the transfer immediately.
Three hours later, you discover your CEO never left Johannesburg, never made that call, and your company has just fallen victim to the fastest-growing cyber threat of 2025: deepfake fraud.
Welcome to the Age of "Seeing is Deceiving"
We’ve entered an era where the old adage “seeing is believing” has become dangerously obsolete. Deepfakes – AI-generated videos, audio, and images that convincingly impersonate real people – are no longer the stuff of science fiction. They’re happening right here, right now, and South African businesses are increasingly in the crosshairs.
Recent global incidents paint a stark picture of what we’re facing. In January 2024, engineering firm Arup, a British multinational design and engineering company behind world-famous buildings such as the Sydney Opera House, fell victim to a sophisticated deepfake scam where criminals used fake voices and images to impersonate senior executives, including the CFO, during a video conference call. The employee, convinced of the call’s legitimacy, transferred approximately R450 million ($25.6 million USD) over 15 transactions. The fraud was so sophisticated that the victim initially participated in what appeared to be a legitimate meeting with multiple colleagues.
Why South Africa? Why Now?
Our local market presents a particularly attractive target for deepfake criminals, and the reasons are sobering:
Economic Pressures Create Urgency: In today’s challenging economic climate, South African businesses are under pressure to act quickly on financial opportunities. This urgency can override normal verification processes – exactly what fraudsters are counting on.
Digital Acceleration Without Security Evolution: Many SA companies have rapidly digitized their operations post-pandemic, but cybersecurity awareness hasn’t always kept pace. We’re more connected than ever, but not necessarily more protected.
High-Value Targets: South Africa’s position as the continent’s financial hub means our companies regularly handle large transactions, making successful deepfake attacks potentially very lucrative.
Language and Cultural Familiarity: With English as a primary business language and increasing amounts of executive content available online (LinkedIn videos, conference speeches, media interviews), criminals have ample source material to create convincing deepfakes of South African business leaders.
The Anatomy of a Deepfake Attack
Modern deepfake attacks follow a chillingly simple playbook:
1. Research Phase:
Attackers study their target through social media, company websites, news articles, and conference footage
2. Content Creation:
Using readily available AI tools, they generate fake audio or video content
3. Social Engineering:
They craft scenarios that create urgency and bypass normal verification processes
4. Execution:
The attack is launched via video call, voice message, or even pre-recorded “emergency” communications
What makes these attacks particularly insidious is their psychological impact. When we see and hear someone we trust, our natural skepticism diminishes dramatically. Our brains are simply not evolved to question such convincing audiovisual evidence.
Beyond Financial Fraud: The Broader Threat Landscape
While financial fraud grabs headlines, deepfakes pose multifaceted risks to South African businesses:
Reputational Damage: Imagine a deepfake video of your CEO making inflammatory statements during a sensitive period in South African politics. The damage could be irreversible, regardless of subsequent clarifications.
Market Manipulation: Fake statements from executives about company performance, mergers, or strategic decisions could trigger significant stock price movements.
Industrial Espionage: Competitors could use deepfakes to extract confidential information from employees who believe they’re speaking to trusted colleagues.
Internal Disruption: Fake communications from leadership could create chaos within organizations, affecting everything from strategic decisions to employee morale.
Red Flags: Spotting Deepfake Attacks
While deepfake technology is becoming increasingly sophisticated, there are still telltale signs that can help protect your organization:
Audio Inconsistencies: Listen for unnatural pauses, slightly “off” pronunciation of familiar words, or background noise that doesn’t match the claimed environment.
Visual Anomalies: Watch for inconsistent lighting, slightly misaligned facial features, or movements that seem unnatural or robotic.
Behavioral Red Flags: Be suspicious of urgent requests that bypass normal protocols, especially involving financial transactions or sensitive information.
Communication Patterns: Pay attention to language that doesn’t match the person’s typical communication style or knowledge they should possess.
Building Your Deepfake Defense Strategy
Protecting your business requires a multi-layered approach:
1. Implement Verification Protocols
Establish clear procedures for verifying high-value requests, especially those involving:
- Financial transfers above certain thresholds
- Sensitive information sharing
- Strategic decision-making
- Emergency communications
2. Create Authentication Systems
Develop unique verification questions or code words that only genuine executives would know. Regularly update these to maintain security.
3. Employee Training and Awareness
Your people are your first line of defense. Regular training should cover:
- How to identify potential deepfakes
- When to be suspicious of communications
- Proper escalation procedures
- The importance of verification, even when under pressure
4. Technology Solutions
Deploy advanced detection tools that can identify deepfakes through technical analysis of audio and video files. These solutions are becoming increasingly sophisticated and accessible.
5. Incident Response Planning
Develop clear procedures for what to do when a suspected deepfake attack occurs, including immediate containment, investigation protocols, and communication strategies.
The Human Element: Your Greatest Asset
While technology plays a crucial role in deepfake defense, never underestimate the power of human intuition and organizational culture. Encourage an environment where employees feel empowered to question unusual requests, even from senior leadership. Create systems where verification isn’t seen as mistrust, but as professional due diligence.
Remember: criminals rely on exploiting our natural tendency to trust and comply with authority figures. Building a culture of respectful verification can be your strongest defense against these sophisticated attacks.
Looking Ahead: The Evolution Continues
As we move deeper into 2025, deepfake technology will only become more sophisticated and accessible. What requires specialized skills and expensive software today may be achievable with smartphone apps tomorrow. This reality makes it imperative for South African businesses to act now, not later.
The question isn’t whether deepfake attacks will affect South African businesses – it’s when and how prepared we’ll be when they do.
Your Next Steps
At Tanosec, we believe that knowledge without action is merely interesting conversation. Here’s what you can do today:
1. Audit Your Current Verification Processes:
Review how your organization handles high-value requests and identify potential vulnerabilities.
2. Assess Your Digital Footprint:
Consider how much audio and video content of your executives is publicly available and take steps to limit unnecessary exposure.
3. Start the Conversation:
Discuss deepfake threats with your leadership team and begin developing appropriate response strategies.
4. Invest in Training:
Schedule cybersecurity awareness sessions that specifically address deepfake threats.
5. Partner with Experts:
Consider working with cybersecurity professionals who understand both the technical and human elements of deepfake defense.
The deepfake threat is real, it’s growing, and it’s targeting South African businesses with increasing frequency. But with the right knowledge, tools, and partnerships, we can stay ahead of these evolving threats.
Because in cybersecurity, as in business, preparation isn’t just about protecting what you have – it’s about ensuring you’re still here to grow tomorrow.
Ready to fortify your business against deepfake threats? Contact Tanosec Cybersecurity for a comprehensive assessment of your organization’s vulnerability to these emerging attacks. Because your security is our mission.