A total of GH¢1.98 million was lost to fraudsters through 149 online investment scams between January and August, this year, the Cyber Security Authority (CSA) has revealed.

According to the Authority, the figure shows a sharp rise in online investment scams when compared to the GH¢421,621 lost the whole of last year through 63 reported cases.

A statement issued by the CSA in Accra, yesterday, cautioned the public to be wary of unsolicited investment opportunities especially those promising high returns with little or no risk.

It advised the public to verify legitimate investment opportunities by checking with sector regulatory authorities such as Bank of Ghana and the Security and Exchanges Commission before proceeding.

"Do not share personal or financial information, such as your bank account details or credit card numbers, with anyone unless you are certain of their credibility," it said.

Exposing the modus operandi of the fraudsters, the CSA said they clone the websites of legitimate investment companies promising high returns within short period and lure victims through social media advertisements, emails, and text messages.

It said the scammers also use fake testimonials to convince victims of the legitimacy of their schemes and wait for the victims to sign up and make initial investments, usually through mobile money.

According to the statement they then allow the victims to withdraw a fraction of the invested amount to build trust , then request the victims to make more investments or pay fees in the form of taxes when they try to withdraw large sums of money.

It said ultimately the victims lose access to their accounts as the scammers disappear.

The statement called on the public to report such crimes to the cyber security / crime incident reporting points of contact of the Authority for prompt action.