Ghanaians are increasingly falling victim to sophisticated online investment schemes that use artificial intelligence-generated endorsements, fake mobile applications and promises of outsized returns to lure investors, according to experts.
Speaking on The High Street Talks, cybersecurity expert Abdul-Mumin Iddrisu said online investment scams have evolved beyond traditional mobile money fraud into complex operations backed by professional-looking websites, fabricated customer testimonials and deepfake videos featuring prominent personalities.
“Some even have mobile apps like how you have your banking apps and they have fake testimonials and fabricated profits that you see on the sites,” Iddrisu said. “With this generation that we have AI, you get some endorsements on fake videos, some deepfakes that have been created with very prominent people backing their scheme.”
The warning comes amid growing concerns over the spread of digital Ponzi schemes in Ghana, where fraudsters are increasingly exploiting the country’s rising internet penetration and expanding digital payments ecosystem to attract victims.
Kwabena Manu Boateng, an official at the Bank of Ghana, said the wider availability of smartphones and digital payment channels has made fraudulent investment schemes more accessible, while aggressive advertising has made it difficult for consumers to distinguish legitimate investments from scams.
“When people are promised better returns, they end up falling for some of these scams and not paying attention to the rules on consumer protection,” Boateng said.
Unlike conventional mobile money fraud, which often involves a single unauthorized transaction, online investment schemes can operate for years by paying early participants with funds from new recruits, Iddrisu said.
“The first fool is usually not the fool but the last fool is the one that suffers the most,” he said.
Officials said victims span all social and professional classes, including lawyers, judges, police officers and even employees of financial institutions, as fraudsters increasingly exploit psychological triggers such as greed, trust and the fear of missing out.
“It doesn’t matter who you are because it preys more on psychology,” Iddrisu said.
The experts identified several warning signs, including guaranteed returns, pressure to invest immediately, demands to recruit new participants and difficulties withdrawing funds. Other red flags include requests for sensitive personal information such as Ghana Card details and access to users’ contact lists.
Iddrisu warned that some fraudulent applications disguise themselves as digital savings or lending platforms, collecting personal data under the guise of customer verification before exploiting that information.
“You’ve already granted the application access to all your data, your contacts on your phone and they use that against you in the end,” he said.
The discussion also highlighted the growing role of cryptocurrencies in online fraud. Boateng said that although Ghana passed the Virtual Asset Service Providers Act, 2025, no virtual asset service provider has yet been licensed to operate in the country.
“What we are currently working on is the processes or the guidelines to operationalize this law,” Boateng said, adding that the central bank and the Securities and Exchange Commission would engage stakeholders before beginning the licensing process.
Until then, consumers should verify whether financial institutions and investment firms are licensed before committing funds, he said.
“The banks, the microfinance, the credit guys are regulated by the Bank of Ghana and the investment guys are regulated by SEC,” Boateng said. “If you deal with any institution that is not licensed, you do not have a legal recourse in case there’s a problem.”
The Bank of Ghana official urged consumers seeking legitimate investment opportunities to consult licensed banks and regulated investment firms rather than relying on social media promotions or promises of extraordinary returns.
Iddrisu advised consumers to adopt what he called the “PAUSE” framework before investing, pause before acting, ask questions, understand the risks, search and verify information independently, and evaluate an investment thoroughly before transferring money. “If it’s too good to be true, it usually isn’t,” he said.
