These scammers, operating under various aliases and pseudonyms, lure victims with promises of high returns on investments, primarily using social media for advertisements and mobile money for transactions.

In a statement issued on January 31, 2025, the CSA revealed that it had recorded 10 cases of fraud between January 1 and January 29, resulting in significant financial losses.

The agency explained that fraudsters falsely claim to be subsidiaries of reputable foreign companies, such as Hut 8 Corporation, a publicly traded digital asset mining and high-performance computing company based in Canada, to appear credible.

"The scammers run targeted advertisements on social media platforms where they encourage victims to invest money. In some cases, victims are told their investments will fund crypto-mining equipment leases or online business tasks," the statement said.

However, once victims transfer funds, they never see any returns or recover their initial investment.

The CSA warned that these fraudsters frequently rebrand under new names to evade detection by law enforcement, local regulators and users.

"The latest names being employed include M.F.A., Sunnovagh, Iseetv, Okmarket and 'Phoenix'," a portion of the statement indicated.

The CSA has urged the public to remain vigilant and exercise extreme caution when engaging with online platforms that promise unusually high returns.

Additionally, the agency warned against joining WhatsApp groups or responding to unsolicited messages that claim affiliation with reputable organisations.

The CSA further advised Ghanaians to verify investment opportunities through official channels and regulatory bodies and report suspicious activities for further investigation.

Read the full statement