The CSA in a public alert issued today urged citizens to remain vigilant as fraudsters increasingly target individuals with fraudulent investment schemes.

Between January and August 2024, 149 cases of online investment fraud were reported, with total losses amounting to GH¢1,986,057. This represents a sharp rise compared to the 63 cases reported in 2023, which saw losses of GH¢421,621.

Investigations by the CSA have revealed that scammers often create highly convincing replicas of legitimate investment websites, promising victims high returns in a short period.

These fraudsters typically use social media, email, and text messages to reach their targets, employing fake testimonials to add legitimacy to their schemes.

Victims are encouraged to make initial investments via mobile money and are shown fake profits, which can be partially withdrawn, luring them to invest even more. 

However, when victims attempt to withdraw larger amounts, they are asked to pay taxes or additional fees. Shortly after, the scammers cut off all communication, leaving victims with no access to their accounts or funds.

The CSA has warned the public to be cautious of any unsolicited investment offers, particularly those that promise quick and substantial returns with little risk. 

The Authority has also advised individuals to verify the legitimacy of investment companies through the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC) before making any financial commitments.

The CSA's alert forms part of its wider effort to curb cybercrime in Ghana and protect citizens from falling victim to online fraud.

Read the Alert below :