A recent notice by Ghana’s Cybersecurity Authority indicates that in January 2025, Ghana lost GHS 65,860.00 to investment scams.
According to the Authority, between January 1st and 29th, they recorded 10 cases of online investment schemes which amounted to the figure.
Online scamming, often launched with social engineering techniques, has evolved recently, especially with the advent of Artificial Intelligence (AI).
It empowers everyone including the least experienced cybercriminal to launch convincing phishing campaigns that appear legitimate.
“In their bid to appear credible, threat actors falsely present their schemes as subsidiaries of established foreign companies,” the Authority stated in a notice.
“The threat actors frequently rebrand under new names to evade detection by law enforcement, local regulations and users.”
The Financial Sector Conduct Authority (FSCA) currently warned South Africans of investment scams being delivered on social media channels like Telegram.
The reported fraudsters were purporting to be established companies to gain the trust of their victims.
The way these scams are orchestrated follows a pattern that a little awareness will prevent you from being a victim.
The signs are usually the same:
- unrealistic high returns of investment
- sense of urgency
- vague investment details
Online fraud or scams are common cyber threats to Ghanaians that ought to be combated through public education and awareness.
Late last year, the Authority reported there were over 200 recorded cases of online shopping scams from January to October 2024 which led to a financial loss of GHS 410,000.
How to avoid being scammed
The Authority has outlined some necessary measures to avoid being scammed:
- Be cautious of online platforms promising unusually high returns on investments.
- Avoid joining WhatsApp groups or responding to unsolicited messages that claim affiliation with reputable organizations.
- Always verify the legitimacy and credibility of investment opportunities by consulting official channels or recognized regulatory bodies.
- Report any suspicious contacts or fraudulent schemes to the CSA for further investigation.
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