There was a “sharp increase” in reports of phone call or vishing fraud, including via text message, between January and May compared to the same period last year, AIB has said.
It said attempted and successful fraudulent activity was up 297 per cent compared to the same period last year, although the figure is based on the value of payments reported as fraudulent.
AIB’s data also show a 6 per cent increase in customers falling victim to smishing or vishing scams.
These are typically phone calls that often follow after a customer responds to a fraudulent text message based on the requirement to have new login details issued.
Meanwhile, losses associated with customers compromising their login details were up 67 per cent.
The bank also outlined the five most common scams fraudsters carried out to fool people into handing over access to their money from April to June.
It said text message fraud “continues to be a major threat” and is the crime that’s most commonly perpetrated by fraudsters.
“Scammers send convincing messages that appear to be from reputable sources, such as banks, delivery companies or Government agencies, tricking recipients into providing personal information or clicking on malicious links,” AIB said.
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“Our advice is to never click a link in an unexpected text message or call the number provided. If in doubt contact the sender on a known and trusted number to verify its legitimacy.
“You should never provide log in details, security details such as one time passcodes, card reader codes or selfies.”
Secondly, it warned of “safe account scams”, which involve fraudsters posing as bank officials who call and inform victims that their accounts have been compromised.
They then persuade victims to transfer their funds to a “safe” account for protection, which is often their own account, and often in other financial institutions. The funds can then be moved on to a mule account.
Thirdly, AIB said investment scams “have surged” this year, with perpetrators offering lucrative returns on fake investment opportunities.
“These scams often target individuals seeking to grow their savings quickly, using convincing pitches and professional-looking websites,” the bank said.
“Victims invest substantial amounts of money, only to realise later that the promised returns are non-existent and their funds have been stolen. Always ask yourself, is this too good to be true?”
The fourth most prevalent scam is holiday fraud. Scammers create fake travel websites and offers, luring victims with attractive deals on flights and accommodation.
“Once payments are made, victims discover that their bookings are fraudulent and their dream holidays are ruined,” AIB said.
“Always book your holidays through reputable providers, research accommodation to ensure it actually exists and don’t part with your money unless you are fully satisfied. These scams aren’t just advertising foreign holidays, but Irish ones too.”
Finally, the bank warned of “purchase scams”, which involve fraudulent websites or sellers who may take your money without delivering promised goods.
“Another threat is the potential for receiving counterfeit or substandard products, which can be disappointing and harmful,” the bank said.
AIB head of financial crime Mary McHale said the banks “deals sympathetically” with customers who fall victim to fraud “on a case-by-case basis”.
