The Cyber Security Authority (CSA) has issued a public alert due to a sharp increase in online investment scams in Ghana, with losses surpassing GH¢1.9 million in 2024.
In a public alert issued on September 17, the authority urged citizens to stay vigilant against a rising wave of online investment scams.
From January to August 2024, 149 cases of online investment fraud were reported, resulting in total losses of GH¢1,986,057.
This marks a significant increase from 63 cases and GH¢421,621 in losses reported in 2023.
CSA investigations have found that scammers were increasingly using convincing replicas of legitimate investment websites to lure victims with promises of quick, high returns.
Fraudsters commonly use social media, email, and text messages to target victims, bolstering their schemes with fake testimonials to appear legitimate.
They typically encourage initial investments through mobile money and show fake profits that can be partially withdrawn, enticing victims to invest more.
However, when victims try to withdraw larger amounts, they are asked to pay taxes or additional fees.
Soon after, the scammers sever all communication, leaving victims unable to access their accounts or funds.
The CSA warns the public to be cautious of unsolicited investment offers, especially those promising quick and substantial returns with minimal risk.
The Authority has advised individuals to verify the legitimacy of investment companies with the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC) before making any financial commitments.
This alert is part of the CSA’s broader initiative to combat cybercrime in Ghana and protect citizens from online fraud.