The Cyber Security Authority
The Cyber Security Authority (CSA) reports that in the first 29 days of 2025, unscrupulous online investment schemes cost Ghanaians about GHS 65,860.
The frauds, which mostly take place on social media, lure victims in with promises of enormous profits only to leave them with crippling losses.
At least ten examples have been documented by the CSA thus far, in which scammers have gained credibility by posing as subsidiaries of well-known international businesses, such as the Canadian-based Hut 8 Corporation.
The schemes use targeted social media ads to convince victims to invest in fictitious online business operations or leases for bitcoin mining equipment.
Nevertheless, victims do not get the promised profits or get their original investments back once money is transferred.
“To evade detection, scammers frequently rebrand under new names, including M.F.A., Sunnovagh, Iseetv, Okmarket, and Phoenix,” the CSA statement said.
The CSA has responded by warning the public to use caution when interacting with online investment platforms that promise abnormally large returns.
It suggests that people avoid unsolicited messages or WhatsApp groups that purport to be affiliated with respectable organizations and instead confirm opportunities with recognized regulatory bodies.
Meanwhile, watch as Afenyo-Markin explains how he became rich
