Ghana’s Cyber Security Authority (CSA) announced a surge in online investment scams in 2024, with reported losses exceeding GH¢1.9 million equivalent to over $100000.
The CSA has urged the public to exercise caution, as scammers are increasingly targeting individuals through fraudulent investment schemes, preying on their desire for high returns.
From January to August 2024, 149 cases of online investment fraud were reported, a significant rise from the 63 cases recorded in 2023. Losses have surged accordingly, with the total amount rising from GH¢421,621 in 2023 to GH¢1,986,057 in 2024.
The CSA’s investigations reveal that scammers create convincing replicas of legitimate websites and lure victims through social media, email, and text messages, often using fake testimonials to build credibility.
Victims are typically encouraged to make small investments through mobile money, initially seeing fake profits to gain their trust.
However, when attempting to withdraw larger sums, they are hit with demands for additional fees, after which the scammers vanish.
The CSA has strongly advised the public to be wary of unsolicited investment offers and to verify the legitimacy of companies through the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC) before investing.
Report by Dede Davies