The Cyber Security Authority (CSA) has alerted the public to a sharp increase in online investment scams in Ghana.
In 2024, these scams have led to losses exceeding GH¢1.9 million. The cyber security authorities recorded 149 cases of online investment fraud between January and August 2024. This is an increase from 63 cases recorded in 2023.
Total losses amount to GH¢1,986,057, a sharp rise compared to the loss of GH¢421,621 in 2023.
The CSA’s investigations reveal that scammers create convincing replicas of legitimate investment websites, promising quick, high returns.
They target victims through social media, email, and texts, often using fake testimonials to appear credible. Scammers entice victims to invest via mobile money, show fake profits, and encourage further investment.
These fraudsters typically use social media, email, and text messages to reach their targets, employing fake testimonials to add legitimacy to their schemes.
Victims are encouraged to make initial investments via mobile money and are shown fake profits, which can be partially withdrawn, luring them to invest even more.
When attempting larger withdrawals, victims are asked to pay additional fees, after which scammers cut communication. The CSA, therefore, urges the public to avoid unsolicited investments that offer promising quick returns.
They have 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.
This alert forms part of CSA’s ongoing efforts to combat cybercrime in Ghana and protect citizens from online fraud.
