The Cyber Security Authority (CSA) has issued a public warning in response to a sharp rise in online investment scams across Ghana, with losses surpassing GH¢1.9 million in 2024.
In the alert, the CSA urged the public to stay vigilant as scammers increasingly prey on individuals through fraudulent investment schemes.
According to the CSA, between January and August 2024, 149 cases of online investment fraud were reported, with total losses amounting to GH¢1,986,057.
This represents a sharp rise compared to the 63 cases reported in 2023, which saw losses of GH¢421,621.
Investigations by the Cyber Security Authority (CSA) have uncovered that scammers often create highly convincing replicas of legitimate investment websites, luring victims with promises of quick, high returns.
These fraudsters typically reach their targets through social media, email, and text messages, using fake testimonials to make their schemes appear credible. Victims are initially encouraged to invest small amounts via mobile money and are shown fake profits, which they can partially withdraw, enticing them to invest even more.
However, when victims attempt to withdraw larger sums, they are asked to pay taxes or additional fees. Shortly after, the scammers cut off all communication, leaving victims without access to their accounts or funds.
The CSA has urged the public to be cautious of unsolicited investment offers, particularly those that promise substantial returns with little risk. The Authority also advised individuals to verify the legitimacy of investment companies through the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC) before making any financial commitments.
The CSA’s alert forms part of its wider effort to curb cybercrime in Ghana and protect citizens from falling victim to online fraud.
