An Garda Síochána advise the public to be extra vigilant of fraud when investing
- 77% increase in reports of investment fraud in 2023
- Almost 70% of victims of investment fraud are aged over 40 (65% male, 35% female)
- The average amount stolen from victims so far this year is €33,431
An Garda Síochána is advising the public to pay particular close attention when considering any potential investments given the sustained rise in investment fraud.
By the end of Q3, 2022 €11 million had been stolen from victims of investment fraud in Ireland. This has now increased to 18.6 million by Q3 this year.
Investment fraud is where criminals pose as investment managers to fool someone into investing money in schemes and projects that do not exist. During a period of high cost of living, these sophisticated 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.
How to avoid investment fraud?
- 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 wary of fake wallets for storing your cryptocurrency - these can be scams for malware to infect or control your computer
- 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
- Never disclose personal data or bank account passwords or codes.
Speaking at this morning’s briefing Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau said, “People are always going to be attracted to promises of big profits. That is why these sophisticated, fraudulent investments are on the rise, worldwide, not just in Ireland. The victims in most investment frauds are ordinary people who lose their life savings and retirement nest eggs.
“Between 2021 and 2022, over €25 million was stolen through investment fraud from ordinary people all over Ireland. Be wary where the return being offered sounds too good to be true or where there is a degree of urgency or you are being offered a once in a lifetime opportunity.
“Always see professional advice when investing whether in cryptocurrency or any kind of investment product. Check the Central Bank website and ensure the company you are dealing with is regulated and that it is not a cloned website you are on. “
Further information on investment fraud an other fraud types can be found on fraudSMART.ie
