There has been a huge increase in attempted investment scams this year, Bank of Ireland is warning.

According to the latest Bank of Ireland fraud data for the first half of 2024, investment fraud attempts have surged 76% so far this year compared to last.

Investment fraud sees scammers posing as legitimate firms to offer people investment opportunities on social media or in sponsored internet search results.

They commonly promise fast profits with little or no risk – and put people under pressure to act quickly to take advantage of the ‘opportunity’.

The majority of investment fraud attempts start out on social media with customers then getting phone calls and text messages encouraging them to move forward.

Bank of Ireland branch. Image: Ognyan Yosifov / Alamy Stock Photo

Bank of Ireland Head of Fraud Nicola Sadlier said the surge in investment fraud 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,” she said.

“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.”

Fraud

The Red C research also finds that 94% of people in Ireland have been targeted by fraudsters in the last year.

The most common way they have been targeted is through text message (89%), followed by phone calls (75%) emails (65%).

Fraudulent WhatsApp messages are also becoming more common, with 39% or people getting them in the last year.

Despite the rise in fraud, some 43% of people still view themselves as being under little or no risk of fraud in the next six months.

This increases to 52% in the 18 – 30 age category.

"High degree of complacency"

Bank of Ireland said the findings show a “high degree of complacency or over-confidence”.

Bank of Ireland Chief Customer Officer Aine McCleary said the findings “underline the importance of raising awareness of this very real risk”.

The bank is launching a “new heavy-weight fraud awareness campaign” across digital and social media this week, that will run for the rest of the year.

The campaign includes five new episodes of Fraud Watch: True Crime Stories, which features real-life examples of fraud scenarios.

Investment fraud ‘Red Flags’

• Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
• Big/fast returns: They promise a quick and profitable return, with little or no risk.
• Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime”.
• Urgency: They tell you to make an urgent payment to get in on the deal.
• Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).

Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds. Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.