Bank of Ireland is warning of a significant increase in investment fraud, labeling it as a particularly concerning trend in the evolution of scam tactics.
According to the latest fraud data from Bank of Ireland for the first half of 2024, attempts at investment fraud have surged by 76% compared to the same period in 2023. Most of these fraud cases originate on social media, where victims then receive personalized phone calls and messages that promise unrealistically high returns for quick investments. There is also a rise in fraudsters pretending to be fake ‘recovery firms,’ targeting individuals who have previously fallen victim to scams.
Nicola Sadlier, head of fraud at Bank of Ireland, emphasized, “The increase in investment fraud attempts is the most alarming trend we are currently observing. The level of personalized targeting of consumers continues to grow year on year, and everyone needs to remain vigilant. In light of this serious criminal activity, complacency is not an option. It is crucial to be aware of the ‘red flags,’ such as returns that seem too good to be true and pressure to make quick decisions.”
In March, Bank of Ireland announced a €50 million investment in customer fraud prevention and protection, as statistics reveal that 94% of individuals have been approached by a fraudster in the past year.