PROJECT: THE USE OF AI AND DEEPFAKE TOOLS IN PROPERTY FRAUD
- isabels39
- Jun 26
- 5 min read
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The South African real estate market has long been a target for fraudsters, but the emergence of advanced technology, especially artificial intelligence (AI) and deepfake tools, has opened a dangerous new chapter in property-related crime.
As criminals become more sophisticated, both buyers and sellers are increasingly at risk of losing millions of rands
to deceptive schemes that are nearly impossible to detect with the naked eye.
TECH-DRIVEN PROPERTY SCAMS:
In recent months, law enforcement and cybercrime experts have reported a surge in AI-assisted property fraud, particularly involving:
False identities created using deepfake technology (synthetic videos or voice recordings made to mimic real estate agents, attorneys, or sellers),
Email interception and manipulation, and
Fake banking details inserted into otherwise legitimate communications.
What makes these crimes especially dangerous is that the scammers often gain access to authentic transaction threads—either by hacking or social engineering—and subtly insert false banking information just before payment is due.
MODUS OPERANDI:
TARGET IDENTIFICATION:
Criminals identify property transactions in progress, often by hacking into conveyancing attorneys’ or estate agents’ email systems, or by phishing unsuspecting clients.
IMPERSONATION USING AI AND DEEPFAKES:
Using AI-generated emails, cloned voices, or deepfake video calls, scammers impersonate trusted agents or attorneys, requesting urgent payments or changes to bank details.
BANKING DETAILS SWITCHED:
Just before a buyer is set to make a large transfer—such as a deposit or full purchase price—the scammer sends a seemingly legitimate message with new "updated" banking details.
MONEY DISAPPEARS:
Once the funds are transferred, the money is swiftly moved through multiple accounts, often offshore, making recovery extremely difficult or impossible.
IMPACT:
Victims of these scams include:
First-time buyers, eager and unfamiliar with legal procedures.
Elderly individuals, less familiar with digital verification practices.
Sellers, who never receive the funds they are owed after the fraudulent interception of payment instructions.
In many cases, victims lose their entire life savings.
The emotional toll is compounded by the financial devastation and lengthy legal battles that often follow.
WHY AI AND DEEPFAKES MAKE THESE SCAMS SO EFFECTIVE:
Deepfake voices and videos make it appear as if the client is speaking to their real agent or attorney.
AI-generated emails mimic writing style and tone, making fake communication indistinguishable from the real thing.
Timing is strategic—the fraud often occurs at the last minute when urgency and trust are highest.
These tools allow criminals to operate with unprecedented believability and speed.
PRACTICAL AND PREVENTATIVE MEASURES:
To safeguard your property transaction from AI-driven scams, take these essential precautions:
Verify banking details in person or over the phone before transferring any money. Never rely solely on email or messaging apps.
Insist on secure communication platforms and confirm that all documents and payment instructions come from verified, known sources.
Be wary of last-minute changes to banking information, especially if accompanied by urgency or pressure.
Check sender email addresses carefully, and call your agent or attorney immediately if anything seems unusual.
Ensure your email accounts and devices are secure, with updated passwords and two-factor authentication enabled.
LEGAL AND INDUSTRY RESPONSE:
Legal firms, banks, and estate agencies in South Africa are beginning to adopt stricter verification procedures and encrypted communication platforms.
However, these measures will only be effective if clients also remain alert and proactive.
The South African Banking Risk Information Centre (SABRIC) and Specialised Security Services (SSS) have both issued warnings, urging property buyers and sellers to treat any communication involving money with extreme caution.
Property transactions involve some of the most significant financial decisions in a person’s life.
The increasing use of AI and deepfake technology by criminals means that no one is immune to risk,
even the most careful individuals can fall prey to deception.
The responsibility to prevent these crimes lies not only with law enforcement and industry professionals but with every person involved in the transaction. A simple verification call, made before transferring any funds, can be the difference between a successful purchase and financial disaster.
Stay informed. Stay vigilant. Protect your investment.
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