Mary D’Arcy
Financial Crime Lead, Banking & Payments Federation Ireland (BPFI)
Increasingly sophisticated investment scams that look highly convincing and legitimate are costing Irish consumers tens of thousands of euros.
Losses can start anywhere from €250 on crypto scams, with bigger scams involving shares, bonds or similar products often leading to losses of €30,000-€40,000, and sometimes far more. Victims are not necessarily wealthy but ordinary people trying to make sensible decisions about their financial future.
Scammers build trust before funds disappear
Fraudsters use pop-up adverts, social media posts and comparison-style websites to promote fake opportunities, sometimes featuring apparent endorsements from well-known public figures. These images or videos are often generated using artificial intelligence, making it harder than ever to tell what is real and what is not.
Many scams follow a similar pattern. After someone clicks an advert or link, they are asked for contact details and then receive a call from a person posing as a financial adviser. Scammers often use the name and branding of a well-known bank or investment firm, and back it up with links to high-quality brochures and professional-looking websites. Once a payment is authorised, funds are quickly moved through multiple accounts, often overseas, making recovery extremely difficult. By the time doubts arise, the money is usually gone.
Fraudsters use pop-up adverts, social media posts and comparison-style websites to promote fake opportunities, sometimes featuring apparent endorsements from well-known public figures
Pausing can make all the difference
Banks use a range of measures to protect customers, but because these scams target people directly, knowing the warning signs is essential. The most important step is to pause. Before investing, confirm a firm is authorised by checking the Central Bank Registers and contact the firm using details you source independently (not those provided in an advert). Discussing the opportunity with a trusted adviser, friend or family member can also provide perspective. If something feels too good to be true, it usually is. If you have shared personal information or bank details, or transferred money and suspect a scam, report it to your bank and the Gardaí immediately.
For more information on investment scams, warning signs and how to protect yourself, visit FraudSMART.ie.
