Avoid investments that pressure you into making quick commitments — CSA advises public

The Cyber Security Authority (CSA) has warned the public about a surge in online investment scams in recent months.

In a public alert released on Tuesday, September 17, the CSA said it has received 149 reports of investment scams between January and August this year, with victims losing a total of over GHS 1.9 million.

This represents a steep rise compared to the same period last year, where there were 63 reports and losses totaling GHS 421,621.

The regulator outlined some of the common tactics used by fraudsters, including cloning websites of legitimate investment firms and using social media ads, emails and text messages to promote high investment returns within a short period.

"Fraudsters also use fake testimonials to convince victims of the legitimacy of their schemes," said a CSA statement.

Once initial investments are made by mobile money, scammers show fake returns and allow partial withdrawals to gain victims' trust.

However, requests for more investments or "fees" are made when people try to withdraw large sums, the statement noted.

The alert advised the public to be skeptical of unsolicited investment opportunities, especially those promising high returns with little risk.

"Avoid investments that require immediate decisions or pressure you into making quick commitments,” stressed the statement.

People were also urged to verify the legitimacy of any investment opportunity by checking with regulators like the Bank of Ghana and Securities and Exchange Commission before proceeding.