Nearly ₵2M Lost to Online Investment Scams- CSA

The Cyber Security Authority (CSA) has reported an alarming surge in the number of online investment scams this year, cautioning the public to be wary.

According to the Authority, GH₵1,986,057 has been lost in the 149 reported cases between January and August 2024.

This is in sharp contrast to 63 reported cases with losses amounting to GHC 421,621 in 2023.

According to the CSA, the fraudsters clone the websites of legitimate investment companies, promising high returns within a short period, luring unsuspecting victims through social media advertisements, emails, and text messages.

“The scammers also use fake testimonials to convince victims of the legitimacy of their schemes. Once the victims sign up and make initial investments (usually by mobile money), they are shown fake returns on the investment and allowed to withdraw a fraction of the invested amount to build trust.

“Victims are requested to make more investments or pay fees in the form of taxes when they try to withdraw significant amounts of their investment. Victims with significant investments eventually lose access to their accounts and cannot contact the fraudsters,” it recounted in a press statement.

The Authority has therefore directed social media users to think twice before committing their resources to such ventures and avoid investments that require immediate decisions or pressure them into making quick commitments.

Additionally, it has advised the public to verify the legitimacy of any investment opportunity by checking with sector regulatory authorities such as the Bank of Ghana (BOG) and the Securities and Exchange Commission (SEC) before proceeding.

Meanwhile, it warned against sharing personal or financial information, such as bank account details or credit card numbers, with anyone unless certain of their credibility.