The Cyber Security Authority (CSA) has issued a warning over a major increase in online investment frauds, indicating that the number of reported incidents has doubled this year.
In a public notice released on September 17, the CSA revealed that, “Between January and August 2024, we received 149 reports with total losses amounting to GH¢1,986,057,” This is a significant increase over the previous year’s 63 incidents, which resulted in losses of GH¢421,621.
The CSA outlined the strategies employed by these fraudsters, stating that scammers frequently develop false versions genuine investing websites to entice consumers. “Fraudsters clone the websites of legitimate investment companies, promising high returns within a short period.” Victims are also targeted through social media ads, emails, and text messages that promote fake investment possibilities.
The CSA issued a warning about scammers using fake reviews to establish credibility.”Once victims make initial investments, they are shown fake returns and even allowed to withdraw a fraction to build confidence.” However, when victims attempt to withdraw larger sums, they are requested to pay extra fees, which are typically disguised as taxes, before their accounts are completely blocked.
The CSA has encouraged the public to be cautious. “Be sceptical of unsolicited investment opportunities, especially those promising high returns with little or no risk.” Before making any financial commitments, it was also advised that people confirm the authenticity of any investment with regulatory organisations such the Securities and Exchanges Commission (SEC) or the Bank of Ghana (BoG).
The CSA underlined the value of taking preventative steps by refraining from disclosing personal information, such as credit card numbers or bank account information, unless you are confident in the legitimacy of the organisation. “Avoid investments that require immediate decisions or pressure you into making quick commitments.”
The CSA urges victims and anyone suspecting fraud to get in touch with them. “We have a 24-hour Cybersecurity/Cybercrime Incident Reporting Point of Contact (PoC) for assistance,” the alert noted.
Source: Ghana/Starrfm.com.gh/Mary Asantewaa Buabeng
