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The Bank of Ireland has reported a significant 76% increase in investment fraud attempts during the first half of 2024, compared to the same period in 2023, according to its latest fraud data.
Most of these fraudulent schemes originate on social media platforms, where scammers lure victims with promises of extraordinarily high returns on quick investments. After establishing initial contact, fraudsters escalate their efforts by making personalized phone calls and sending targeted messages. There has also been a rise in cases where scammers, posing as fake ‘recovery firms,’ re-target individuals who have already fallen victim to previous frauds.
Nicola Sadlier, Head of Fraud at the Bank of Ireland, expressed deep concern over this growing trend: “The surge in investment fraud attempts is the most troubling development we’re observing right now. The level of highly personalized targeting continues to escalate year after year, and it’s crucial for everyone to remain vigilant. There’s no room for complacency when dealing with such serious criminal activity. Recognizing the ‘red flags’—such as offers that seem too good to be true and pressure to make quick decisions—is essential.”
In March, the Bank of Ireland announced a €50 million investment in customer fraud prevention and protection. This initiative was driven by alarming statistics indicating that 94% of people have been targeted by fraudsters in the past 12 months.
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