Deepfakes, boiler rooms, and bully tactics – The truth about FXSI: the scam targeting the BizNews tribe

A fake Carte Blanche showdown between Alec Hogg and Cyril Ramaphosa was used to lure South Africans into an online trading scheme called FXSI. In this special BizNews feature, Alec’s Boardroom Talk warnings are combined with Kerry Lanaghan’s interview with an anonymous victim who lost R24,100 after being drawn in by the deepfake advert, pressured by so-called account managers, and later threatened with legal action. The story ends with FXSI’s lawyer letter to BizNews — and Alec’s firm response.

And in the latest episode of Boardroom Talk, BizNews editor Alec Hogg exposes the AI-powered FXSI scam that used deepfake footage of him and President Cyril Ramaphosa on a fake Carte Blanche set to lure unsuspecting South Africans into a fraudulent trading scheme. After BizNews interviewed an anonymous victim who lost more than R24,000, lawyers claiming to act for FXSI demanded the article and podcast be removed. Hogg’s response: no.

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Watch the mini-documentary on FXSI here

Listen to Alec Hogg's Boardroom Talk in full here