Source: tntnewspapergh.com
1.0. Background
The Cyber Security Authority (CSA) has recently identified 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 communication and mobile money for transactions.
Between January 1 and 29, 2025, the CSA recorded ten (10) of such cases amounting
to a total financial loss of GHS 65,860.00.
2.0. Modus Operandi
• In their bid to appear credible, threat actors falsely present their schemes as subsidiaries of established foreign companies e.g. Hut 8 Corporation, a publicly traded digital asset mining and high-performance computing company headquartered in Canada.
• The scammers ran targeted advertisements on social media platforms where they encourage victims to invest money. In some cases, victims are told their investments will fund crypto-mining equipment leases or online business tasks.
• Victims are promised substantial returns but once funds are transferred, they neither see any returns nor recover their initial investment.
• The threat actors frequently rebrand under new names to evade detection by law enforcement, local regulators and users.
The latest names being employed include “M.F.A.”, Sunnovagh, Iseetv, Okmarket and “Phoenix”.
3.0. Recommendations
• 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.
• Report any suspicious contacts or fraudulent schemes to the CSA for further investigations.
The CSA has a 24-hour Cybersecurity/Cybercrime Incident Reporting Points of Contact (PoC) for reporting cybercrimes and receiving guidance and clarification on suspected scams. Contact us via Call or Text – 292, WhatsApp – 0501603111, or Email – report@csa.gov.gh.
Issued by the Cyber Security AuthorityJanuary 31, 2025
Ref: CSA/CERT/MPA/2025-01/01
3rd Floor, NCA Tower
KIA, 6 Airport By-pass Rd, Accra | Digital Address: GL-126-7029 | Tel: 0303 972530, 0303 972531
