Cyber Security Authority Records GHS 65,860 in Losses from Fraudulent Online Investment Schemes in January
The Cyber Security Authority (CSA) has recorded ten cases of fraudulent online investment schemes in January 2025 alone, leading to a cumulative loss of GHS 65,860.
According to the CSA, these fraudulent schemes, operating under various aliases and pseudonyms, have seen a surge in recent months. Operators of such schemes often lure victims with promises of high returns on investments, primarily leveraging social media platforms for advertisements and mobile money services for transactions.
“In their bid to appear credible, the threat actors 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 in a statement dated January 31, 2025.
The CSA further disclosed that these fraudulent entities frequently rebrand under new names to evade detection by law enforcement and regulatory authorities. Some of the latest aliases 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. It 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 reiterated its commitment to enhancing cybersecurity awareness and protecting the public from financial fraud in the digital space.
