Cybercriminals are running riot as Ghana records a staggering rise in online fraud losses in the first quarter of 2025. With scams, phishing attacks, and digital heists draining millions from unsuspecting victims, the alarming trend exposes gaps in cybersecurity and financial protection.
The Cyber Security Authority (CSA) has reported a significant rise in financial losses due to online fraud in Ghana, with over GH¢4.4 million lost in the first quarter of 2025.
The Cyber Security Authority (CSA) has reported a significant rise in financial losses due to online fraud in Ghana, with over GH¢4.4 million lost in the first quarter of 2025.
This marks a substantial increase compared to the GH¢2.4 million recorded during the same period in 2024. In the first quarter of 2024, the CSA documented 194 cases of online fraud, resulting in financial losses amounting to approximately GH¢2,404,161.
The CSA has previously highlighted the escalating threat of online investment scams, stating that between January and August 2024, 149 cases were reported, leading to losses exceeding GH¢1.9 million.
However, in January 2025 alone, fraudulent online investment schemes resulted in losses totaling GH¢65,860.
These scams often involve fraudsters creating convincing replicas of legitimate investment websites, luring victims with promises of high returns within short periods.
Further, they utilize social media, email, and text messages to reach potential targets, employing fake testimonials to enhance credibility.
Victims are typically encouraged to make initial investments via mobile money and may be allowed to withdraw a fraction of the invested amount to build trust.
Subsequently, they are persuaded to invest more or pay additional fees, such as taxes, when attempting to withdraw larger sums. Ultimately, the scammers sever all communication, leaving victims unable to access their accounts or funds.
The CSA, therefore, has advised the public to exercise caution with unsolicited investment offers, especially those promising quick and substantial returns with little risk.
“Individuals should verify the legitimacy of investment companies through official channels like the Bank of Ghana or the Securities and Exchange Commission before committing any funds,” the Authority said in a statement.
Additionally, the CSA urged the public to report suspicious activities to aid in combating cybercrime in Ghana.
