Investment scams jump a whopping 164% in just 6 months…

Investment scams jump a whopping 164% in just 6 months as people duped out of €800,000

Investments scams are up a shocking 164% is just six months as people have been swindled out of as much as €800,000.

Bank of Ireland has issued a stark warning as more fraudsters are targeting unsuspicious victims by offering high-interest returns on a range of investments, particularly in cryptocurrency. These scammers try to pose as legitimate firms in a range of ways and offer these investments by telephone call, text message, email, letter or even through home visits

A common tactic is to promise very high returns and then put people under pressure to commit to the investment opportunity quickly. People have been duped out of huge sums of money from €2,000 to as much as €800,000.

A total of 80% of personal customer losses were due to investment fraud in July 2022. People can fall victim to these scams when they are researching products that offer better returns such as investments, bonds, and bitcoin.

Here are some top tips on protecting yourself from this type of fraud:

Always seek independent financial and legal advice before making any investments.
Be wary of cryptocurrency investment advertisements. Ignore POP-UP ads.
Investments that appear to be endorsed by celebrities turn up all the time – they most likely do not know their name is attached to the advertisement.
Never make a snap decision. Don’t get rushed. If you feel under pressure, just STOP. Only use regulated entities. All Financial Services Providers which hold an authorisation from the Central Bank of Ireland (‘Central Bank’), or where applicable, the SSM (the Single Supervisory Mechanism – European Central Bank), to provide financial services in Ireland are listed in the Central Bank of Ireland Register. Prior to entering into a financial services transaction, members of the public can check the regulatory status of the firm they are dealing with on Central Bank of Ireland Registers section of their website.

Never disclose security details, such as your PIN or full banking password and do not download any applications that allow others access to your device/computer. Fraudsters often use reputable and familiar remote access applications to dupe you into allowing remote access to your device/computer and, in turn, your personal information.
Be suspicious of unsolicited calls, emails or SMS messages. Listen to your instincts – if something doesn’t feel right then stop and question it.

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."