The Financial Services Regulatory Authority (FSRA) has issued an urgent warning to the public about a fraudulent investment scheme called E-Wealth Investment Eswatini.
This scam leverages advanced artificial intelligence (AI) technology to create deceptive videos featuring prominent figures, falsely suggesting their endorsement.
The FSRA has confirmed that E-Wealth Investment Eswatini is unregistered and illegitimate, posing a serious threat to unsuspecting citizens.
E-Wealth Investment Eswatini operates without a physical address, relying solely on a Facebook page to spread its scheme.
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Its single post; a fake AI-generated video claiming to show Minister of Finance Neal Rijkenberg promoting the investment, had amassed over 2 000 views by yesterday morning.
The rapid circulation of this misleading content has raised alarm about potential widespread financial harm.
FSRA CEO Ncamiso Ntshalintshali said the emergence of E-Wealth Investment Eswatini underscored the escalating challenge of AI-powered fraud.
“By fabricating endorsements from trusted figures, the scam preys on public credibility, making vigilance essential.
The video they posted is visibly fake, and the entity is non-existent. It is not registered with the FSRA, and we urge the public to be vigilant against such manipulative tactics,” he revealed.
He highlighted the growing danger of AI-driven cybercrime, warning those behind the scam to stop.
This scam follows closely on the heels of other fraudulent schemes exposed by the FSRA. Just two weeks ago, The Capital Group was busted after falsely claiming FSRA licensed it and promising investors unrealistic 100 per cent returns in a short period, operating as a Ponzi/pyramid scheme. Another rogue entity, Pulse Glide, was also recently uncovered for similar illicit activities. These cases reveal a disturbing pattern of tech-savvy scams targeting Emaswati, exploiting trust with increasingly sophisticated methods.
Ntshalintshali urged the public to take an active role in fighting these frauds. This latest incident, he said, served as a stark reminder of the risks posed by fraudulent entities hiding behind technology. As scams grow more advanced, the FSRA continues to call for collective responsibility to safeguard communities.
“Members of the public are urged to verify investment opportunities and report anything dubious, ensuring these deceptive practices are stopped before they claim more victims,” he said.
He encouraged anyone who encounters suspicious investment offers or content to report it immediately to the FSRA’s whistleblower free line at 8009011.
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