The Cyber Security Authority (CSA) has raised concerns over the increasing incidence of online fraud and scams, where perpetrators use fake identities and accounts to lure unsuspecting victims with unrealistic yet attractive investment schemes.

In a statement dated July 6, the authority indicated that the trend has cost victims millions of cedis, with hundreds of cases recorded so far this year.

“In the first six (6) months of 2026, the CSA recorded 352 such cases, resulting in a total financial loss of GH¢3,429,447. The Cyber Security Authority (CSA) has noted a surge in fraudulent online investment schemes operating under various aliases or pseudonyms.

“These scammers lure victims with promises of high returns on investments and primarily use social media for advertisements and mobile money for transactions,” parts of the statement read.

How scammers operate

According to the CSA, these fraudsters present themselves as representatives or subsidiaries of credible foreign companies, often using social media advertisements to promote investment opportunities.

The authority further revealed that many victims are told their investments will fund crypto-mining equipment leases or online business tasks.

“In their bid to appear credible, threat actors falsely present their schemes as subsidiaries of established foreign companies, e.g., Darazz, a legitimate e-commerce company headquartered in Pakistan. The scammers run targeted advertisements on social media platforms, encouraging potential victims to invest money,” it added.

According to the CSA, victims are promised substantial returns. However, once funds are transferred, they neither receive any returns nor recover their initial investment.

“The threat actors frequently rebrand themselves to evade detection by law enforcement agencies, local regulators and users. The latest names being employed include Darazz, Daily Trade, Ghstore, KUKA and Edollar,” the statement said.

How to avoid falling victim

As part of measures to protect the public from online investment scams, the Cyber Security Authority (CSA) has urged individuals to exercise caution when engaging with investment opportunities advertised on digital platforms and to verify their legitimacy through official channels.

“Be cautious of online platforms promising unusually high returns on investments. Refrain from joining WhatsApp groups or responding to unsolicited messages claiming affiliation with reputable organisations.

“Always verify the legitimacy and credibility of investment opportunities by consulting official channels or recognised regulatory bodies.”

The CSA also urged the public to “report any suspicious contacts or fraudulent schemes to the CSA for further investigations.”

The authority noted that it operates a 24-hour Cybersecurity/Cybercrime Incident Reporting Point of Contact (POC) for reporting cybercrimes and obtaining guidance or clarification on suspected scams.

The public can contact the CSA via call or text on 292, WhatsApp on 0501603111, or email at report@csa.gov.gh.

In a related development, the CSA last year revealed that more than GH¢600,000 was lost by consumers to online shopping fraud between January and October.

The national cybersecurity regulator disclosed this in a statement dated November 28, as the Black Friday shopping period approached, a time that usually witnessed a surge in online purchases.

Black Friday traditionally took place on the day after Thanksgiving in the United States. The event that year began on Friday, November 28. Given that Ghanaians often took advantage of the heavily discounted prices offered on online shopping platforms, scammers also capitalised on the opportunity, leading to a rise in fraud cases linked to the event.

Consequently, the CSA warned the public to be vigilant and take steps to avoid falling victim to online fraudsters.

The CSA also explained how scammers typically operated, luring victims with attractive offers that were often too good to be true. Once victims made payments for the supposed goods, the scammers blocked them.

"Black Friday" marks a period in the shopping season where retailers offer significant discounts and promotions to buyers. The CSA anticipates a surge in online shopping scams and urges citizens to conduct due diligence when shopping online”, parts of the statement noted.

The CSA, in a three-detailed breakdown, outlined the major tactics used by scammers, brand impersonation, fake online shops, and phishing schemes, to deceive and defraud unsuspecting online shoppers.

Under Brand Impersonation, CSA explained that “Scammers mimic known brands on search engines such as Google and then use optimisation techniques to manipulate search results to list their contact information at the top.

"Unsuspecting victims, after engaging these scammers, make advance payments for products or services which they never receive. The scammers proceed to block their victims after receiving payments”.