Cryptocurrency scams powered by artificial intelligence (AI), deepfake technology, and fake investment platforms have become one of the fastest-growing cybercrime threats across Africa, according to the INTERPOL African Cyberthreat Assessment Report 2026.
The report reveals that fraudsters are increasingly targeting cryptocurrency investors with fake AI trading platforms, false licensing claims, and sophisticated deepfake videos designed to steal money from unsuspecting victims.
According to INTERPOL, Africa’s cryptocurrency market recorded an estimated $205 billion in transactions between July 2024 and July 2025, making the sector an attractive target for online scammers and cybercriminals. Nigeria accounted for approximately $92 billion of the total transaction volume, while South Africa’s more developed cryptocurrency regulatory framework attracted both legitimate investors and criminal networks.
The report identified several fraudulent crypto investment schemes operating across the continent. One platform, CryptoBridge Exchange (CBEX), allegedly misled investors by falsely claiming to hold a United States operating license. Other fake investment platforms, including Optcoin and AfriQuantumX, reportedly used AI-generated deepfake videos featuring national leaders and social media influencers to promote fraudulent AI-powered cryptocurrency trading services.
INTERPOL also highlighted a major law enforcement breakthrough through Operation Serengeti 2.0, which dismantled a cybercrime network operating from Zambia. The criminal syndicate was linked to an estimated $300 million in financial losses affecting around 60,000 victims, with authorities arresting 15 suspects during the operation.
The report further warns about the rapid growth of romance investment scams, also known as romance baiting, where criminals manipulate victims emotionally before convincing them to invest money in fake cryptocurrency or online investment opportunities.
According to INTERPOL, many victims are initially contacted through Facebook before being moved to WhatsApp for video conversations, where scammers build trust and persuade them to transfer funds under false promises of high investment returns.
The report notes that many of these fraud operations are connected to organized scam centres where individuals are allegedly held against their will and forced to participate in online fraud schemes targeting victims worldwide.
INTERPOL also cautions that the use of Artificial Intelligence has significantly increased the sophistication of online scams. Cybercriminals are now creating personalized phishing messages, cloned voices, AI-generated testimonials, and realistic deepfake videos, making fraudulent investment schemes more convincing and increasingly difficult for both users and digital platforms to detect.
The international policing agency warns that efforts to combat crypto fraud, cybercrime, and AI-powered financial scams remain limited due to weak cross-border cooperation and inadequate digital evidence-sharing among countries. It is calling for stronger international collaboration, enhanced cybersecurity measures, and improved information sharing to protect cryptocurrency investors across Africa.
Source: newsthemegh.com