People are being urged to be cautious after a significant rise in investment fraud last year.
More than €25 million was stolen in Ireland in 2023, which is almost equal to the combined amount stolen in 2021 and 2022 - at €14m and €11.5m respectively.
Over double the number of victims have reported the crime to Gardaí in the first two months of this year compared to January and February last year.
Investment fraud is where criminals pose as investment managers to fool someone into investing money in schemes and projects that do not exist.
Gardaí say during a period of high cost of living criminals "are taking advantage by cloning webpages and targeting victims through online and social media adverts by promising ‘once in a lifetime opportunities’ to instantly invest with fast and large financial returns".
'€300,000 stolen'
In the first two months of this year more than 55 people have reported investment fraud.
Almost €60 million has been stolen in the past four years, with over 965 people reporting incidents to An Garda Síochána.
Men are increasingly becoming victim of investment fraud with the majority of victims last year men aged over 40.
In January a man in his 70s based in the east of the country reported he had over €190,000 stolen after he had invested the money in what he thought was a legitimate British company.
Another man aged in his 60s reported that he had been contacted online last year about investing with a British financial institution.
After being convinced by the person he was communicating with he transferred funds and had €300,000 stolen.
How to avoid investment fraud
Gardaí have issued some advice and guidelines for people to try and avoid being scammed.
- Do not invest until you get reliable financial and legal advice
- Check the regulatory status of the company via the Central Bank of Ireland webpage
- Do not respond to pop-up/social media ads or messages with claims about investment returns
- Ignore unsolicited approaches or cold calls about investments
- Beware of celebrity-endorsed investments – they may not even know that their name is being used
- Be careful of cryptocurrency, bank bonds and hedge fund investment opportunities that present unusually high % returns
- Do not click on links for webpages that you don’t know and always check that the site is HTTPS secured
- Never allow anyone remote access to your computer or download Apps that can give others control of your computer such as ‘AnyDesk’
- Never disclose personal data or bank account passwords or codes
Detective Superintendent Michael Cryan from the Garda National Economic Crime Bureau said people can see their life savings disappear.
"People are always going to be attracted to the promise of big profits, that is why these sophisticated, fraudulent investments are on the rise," he said.
"Those affected by this type of crime are ordinary people who really unfortunately can lose their life savings, nest eggs or a retirement lump sum.
"Investment fraud can quite easily happen – the fraudster will sound convincing and claim to have insider knowledge but they are following a well-rehearsed script, they're prepared for potential questions and they tend to be excellent actors.
"They may purport to be working with a reputable firm and may even quote authorisation numbers or give the real address of a legitimate firm but this is all a coy," he added.
Anyone who has been a victim of investment fraud is being urged to come forward and speak with Gardaí.
