Bank of Ireland is warning of a surge in investment fraud, describing it as the most concerning trend in evolving scam tactics.
According to the latest Bank of Ireland fraud data for the first half of 2024, the volume of investment fraud attempts has surged by 76% compared to the same period in 2023.
The majority of such fraud cases begin on social media with customers then receiving personalised phone calls and messages promising absurdly high returns for quick investments. Fraudsters posing as bogus ‘recovery firms’ re-targeting customers who have been a victim of fraud are also on the increase.
Nicola Sadlier, head of fraud, Bank of Ireland says: “The growth in investment fraud attempts is the most concerning trend we are seeing at the moment. The level of highly personalised targeting of consumers continues to grow year on year, and everyone needs to be on their guard. When it comes to this serious criminal activity, there is no room for complacency. Being alert to the ‘red flags’ - including too good to be true returns and pressure to act quickly - is vital."
Bank of ireland in March announced an investment of €50 million on customer fraud prevention and protection, pointing to figures which suggest that 94% of people have been targeted by a fraudster in the last 12 months.