South Africa's Cryptocurrency Users Face Growing Threat from Sophisticated AI Scams
Cryptocurrency users in South Africa are being warned about a growing threat from AI-powered scams, which have become increasingly sophisticated and profitable. The warning comes as the Chainalysis Crypto Crime Report reveals that cryptocurrency scams netted at least R230bn in 2025, with the figure expected to rise to more than R280bn.
The report shows how criminal networks are combining technology, social engineering, and money-laundering methods to target victims. Impersonation scams have become a major concern, increasing by over 1,400% year-on-year. AI is being used to make these operations even harder to detect.
South Africans are particularly vulnerable as cryptocurrency platforms become more accessible, making it easier for criminals to reach potential victims across borders. The report warns that AI will continue to play a larger role in scams, with AI-enabled scams generating an average of R54m compared to just R12m without AI links.