The Cyber Security Authority (CSA) has reported to Brand Focus Africa that ten incidents of fraudulent online investment schemes was recorded in January 2025, resulting in total losses of GH₵65,860.
In a news statement issued by the Authority to SamBoad Publishing Hub, it said these scams, which operated under various aliases, have been on the rise in recent months.
It said the perpetrators typically attract victims by promising exceptionally high returns on investments, using social media platforms for promotion, and mobile money services for transactions.
“To appear legitimate, these fraudsters often claim to be subsidiaries of reputable foreign companies. For example, some have falsely asserted ties to Hut 8 Corporation, a publicly listed digital asset mining and high-performance computing firm based in Canada,” the CSA stated to SamBoad.
The Authority also revealed that these fraudulent groups frequently rebrand under new names to evade detection by law enforcement and regulatory bodies. Some of the latest aliases include M.F.A., Sunnovagh, Iseetv, Ok Market, and Phoenix.
In response to the growing threat, the CSA urged individuals through SamBoad Publishing Hub publication platforms 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 organizations and always verify the legitimacy of investment opportunities through official channels or recognized regulatory bodies.
Further, the CSA reaffirmed its dedication to raising cybersecurity awareness and safeguarding the public from digital financial fraud.
