Surge in online investment fraud in January-CSA cautions public

The Cyber Security Authority (CSA) has cautioned the public about a surge in online investment fraud that resulted in financial losses amounting to GH¢65,860 within the first 29 days of 2025.

According to the CSA, fraudsters are using deceptive tactics, including false affiliations with well-known foreign companies, to lure victims with promises of high returns. These scams are mainly advertised on social media, with transactions carried out through mobile money services.

In a statement released on January 31, 2025, the CSA disclosed that between January 1 and January 29, it recorded 10 cases of fraudulent schemes, leading to substantial financial losses.

The scammers often pose as subsidiaries of established international firms, such as Hut 8 Corporation, a Canada-based digital asset mining and computing company, to gain credibility.

“These individuals create targeted advertisements on social media, persuading people to invest in opportunities such as crypto-mining equipment leases or online business ventures,” the statement noted.

However, once funds are transferred, victims neither receive returns nor recover their initial investments.

The CSA further highlighted that these fraudsters frequently change names and branding to escape detection by authorities, regulators, and unsuspecting individuals.

"Some of the recent names used include M.F.A., Sunnovagh, Iseetv, Okmarket, and 'Phoenix'," the statement added.

To curb such fraudulent activities, the CSA is urging the public to be cautious when dealing with online platforms that promise unusually high profits. It also warned against joining WhatsApp groups or responding to unsolicited messages claiming to represent reputable organisations.

The agency advised individuals to verify investment opportunities through legitimate sources and regulatory bodies before committing any funds and to report suspicious activities for further investigation.