Financial fraudsters are becoming more sophisticated at convincing people to hand over money, according to the Central Bank of Ireland, which has warned consumers to be increasingly vigilant around potential investments.
On Wednesday, the regulator launched a new campaign aimed at helping people to avoid investment scams by taking “four practical steps” when considering buying a financial product or dealing with a firm through social media, unsolicited phone calls or texts.
Consumers are being told to pause before sending money or personal information, assess whether the firm is legitimate, fact-check to ensure the product or service is genuine, and report the firm to the Central Bank if they have concerns.
“It’s an unfortunate fact of life that scammers are getting better and more convincing all the time,” said Central Bank deputy governor Derville Rowland in a statement. “So, if you get an email or a message on your phone that’s offering you an investment or a loan, or asking you for your personal information, we’re asking you to stop for a minute, and spot the scam artist.”
She reminded consumers that no legitimate firm will make contact “out of the blue” and pressurise you into investing money. “Nor will they ask for a fee to process a loan application, or ask you to click a link in a text message and provide them with your financial details.”
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Ms Rowland said: “We have seen some very realistic scam investments, using real firms’ details and logos, even the names of their staff. These have duped genuine people who were seeking the best place to invest significant amounts of money.”
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