Cases of investment fraud have more than doubled in the last six months, Bank Of Ireland has said.
This type of scam is up 164% over the period, with some people losing up to €800,000 as a result of them.
Bank Of Ireland has issued a stark warning to their customers to be aware of scams, as cases of investment fraud are on the up.
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Scams like these see criminals targeting victims by offering high-interest returns on a range of investments, especially cryptocurrency. They may try to present as legitimate firms and contact people via telephone, text, email, letter or even by calling to homes.
A common tactic used by these fraudsters involves promising very high returns that then put people under pressure to commit to the investment opportunity quickly.
Some of those targeted have been scammed into handing over from €2,000 to as much as €800,000.
In July alone, 80% of personal customer losses were down to investment fraud.
Often what happens is, people fall victim to scams of this nature when they are researching products that offer better returns. This can be investments, bonds, or bitcoin.
Edel McDermott, Head of Fraud at Bank of Ireland said: "An investor who falls victim to these fraudsters and hands over money is unlikely to see their money again as the funds are quickly moved onwards to offshore accounts, for example, meaning little chance of retrieving funds.
“By being aware of how these false firms turn up and the tactics that they use, consumers and investors can take steps to protect themselves against fraud and financial loss."
Investment fraud can be avoided by seeking independent financial and legal advice before making investments, being wary of cryptocurrency investment advertisements and ignoring any pop-up ads that may appear. Be wary of any unsolicited contact you receive.
Avoid any investment opportunities that may have a celebrity or influencer’s name connected to them. Most of the time, these people are unaware that their name and image is being used to trick people.
Make sure to only use regulated entities, and check the status of the firm on the registers section of the Central Bank’s website.
Don’t feel rushed into making a decision. If you feel like you’re being pressured into making a snap decision, step away.
Finally, never, ever disclose security details such as your PIN or full banking password. Do not download any applications that allow others to access your device.
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