According to the Cyber Security Authority, online investment scams cost Ghana about GH¢1.9 million in 2024.

A public alert has been released by the Cyber Security Authority (CSA) in response to a notable increase in online investment scams in Ghana, where losses have topped GH¢1.9 million by 2024.

In a public advisory released today, the CSA warned people to be on the lookout for fraudulent investment schemes as fraudsters increasingly target specific people.

A total of GH¢1,986,057 in losses were reported in 149 incidences of internet investment fraud between January and August of 2024. Compared to the 63 cases reported in 2023, which resulted in losses of GH¢421,621, this indicates a significant increase.

According to CSA investigations, con artists frequently fabricate extremely realistic imitations of reputable investing websites and offer their victims quick and large returns.

Usually, these con artists contact their victims by text, email, and social media. They also utilize fictitious testimonies to give their schemes more credibility.

In order to entice them to invest even more, victims are encouraged to make their first mobile money investments and are offered fictitious earnings that can be partially withdrawn.

However, victims are required to pay taxes or other fees when they want to withdraw larger amounts. The artists then abruptly stopped communicating, depriving the victims of access to their money and accounts.

The public has been cautioned by the CSA to be wary of unsolicited investment offers, especially those that make large, rapid returns with no risk.

Before making any financial commitments, the Authority has also recommended people confirm the authenticity of investment companies with the Securities and Exchange Commission (SEC) or the Bank of Ghana (BoG). The CSA’s warning is a component of a larger initiative to reduce cybercrime in Ghana and shield the public from online fraud.