Alerts

Investment Scams on the Rise

Background

The Cyber Security Authority (CSA) has observed a sharp rise in online investment scams. 149 reports have been received through the cybercrime/cybersecurity incident reporting points of contact (PoC) between January and August, with a total of GH₵ 1,986,057 lost. In contrast, there were 63 reports with loses amounting to GH₵ 421,621 for the year 2023.

Modus Operandi

  • Fraudsters clone the websites of legitimate investment companies, promising high returns within a short period.
  • Victims are lured through social media advertisements, emails, and text messages that promote these fraudulent investment opportunities.
  • 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.

Recommendation

  • Be sceptical of unsolicited investment opportunities, especially those promising high returns with little or no risk.
  • Avoid investments that require immediate decisions or pressure you into making quick commitments.
  • Verify the legitimacy of any investment opportunity by checking with sector regulatory authorities such as the Bank of Ghana (BOG) and the Security and Exchanges Commission (SEC) before proceeding.
  • Do not share personal or financial information, such as your bank account details or credit card numbers, with anyone unless you are certain of their credibility.

Contact the Cyber Security Authority

The CSA has a 24-hour Cybersecurity/Cybercrime Incident Reporting Points of Contact (PoC) for reporting cybercrimes and for seeking guidance and assistance on online activities, Call or Text – 292, WhatsApp – 0501603111, Email – report@csa.gov.gh

Issued by Cyber Security Authority
September 17, 2024
Ref: CSA/CERT/MPA/2024-09/01