CSA says fraudulent online investment schemes have increased in recent months
The Cyber Security Authority (CSA) has reported 10 cases of fraudulent online investment schemes in January 2025 alone, resulting in losses totalling over GH¢65,860.
In a statement issued on January 31, 2025, the CSA noted that these schemes, which operate under false pretenses, have increased in recent months.
According to the CSA, scammers lure victims with promises of high returns on investments, often using convincing marketing tactics to gain trust. They primarily use social media platforms for advertising and mobile money services for transactions, making it easier to target unsuspecting individuals.
“In their bid to appear credible, the fraudsters present their schemes as subsidiaries of established foreign companies. For instance, some claim affiliation with Hut 8 Corporation, a publicly traded digital asset mining and high-performance computing company headquartered in Canada,” the CSA noted.
The CSA further explained that these fake investment companies often change their names to avoid detection by authorities.
Some of their new names include; M.F.A., Sunnovagh, Iseetv, Ok Market, and Phoenix.
In response to the rising threat, the CSA has issued an advisory, urging the public to exercise caution when engaging with online investment platforms.
The CSA also advised individuals to:
• Be wary of platforms promising unusually high returns on investments.
• Refrain from joining WhatsApp groups or responding to unsolicited messages claiming affiliation with reputable organisations.
• Always verify the legitimacy of investment opportunities through official channels or recognised regulatory bodies.
The CSA also warned the public to be cautious when investing online and to verify the authenticity of investment schemes before committing any funds.
See the statement from the Cyber Security Authority below:
VKB/MA
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