Mark Forde
Head of Function Market Oversight and Financial Sanctions, Enforcement Market Abuse & Oversight, Central Bank of Ireland
Fake comparison websites are being used to steal personal data. Discover simple steps to protect yourself.
The world of financial scams is ever-changing, with scam artists devising novel methods to try to steal your money. You might be used to receiving unsolicited texts asking you to pay a fee to have a package released, or from someone pretending to be a loved one urgently asking for money. However, you may not know that fraudsters are also using techniques such as fake comparison websites to scam people.
How scammers use fake comparison websites
Most of us use comparison websites when trying to find the best offers for certain products or services. However, scammers create and use fake comparison websites for criminal purposes. These sites will purport to help you find and compare financial products, but they’re really a front to collect your personal details.
Scammers will use the information you gave to contact you, pretending to be a legitimate firm, with offers for financial products, services and investment opportunities that don’t exist. You might not spot that these products or services aren’t genuine because you’ll have given your personal details through the fake comparison site, and might be expecting someone to reach out to you.
scammers create and use fake comparison websites for criminal purposes
Simple steps to protect yourself
There are several steps you can take to protect yourself from scammers, including ensuring you always use reputable comparison sites and checking the website closely to see if anything seems suspicious. You should also contact the firms directly to independently verify any financial services or products you’ve seen on the comparison website.
The Central Bank encourages everyone considering buying a financial product or dealing with a firm to take the “SAFE” test:
Stop, think and ask yourself: What? Who? Why? Do I feel rushed to act? Could this be a scam?
Assess the information you’re being presented with and make sure the firm is legitimate.
Fact-check the offer to ensure it is genuine and coming from a trusted source.
Expose and report any suspected scammer to the Central Bank of Ireland or An Garda Síochána.
And of course, the old saying still rings true: if an offer seems too good to be true, it probably is.
Visit https://www.centralbank.ie/consumer-hub/explainers/how-can-i-avoid-a-financial-services-scam for more information.
