Niamh Davenport
Head of Financial Crime, Banking & Payments Federation Ireland (BPFI)
Over 55s are being increasingly targeted by criminals in highly convincing investment scams, with recent Gardaí figures revealing that €28 million was stolen from victims in 2023.
Victims are being targeted through online adverts impersonating well-known and legitimate brands and promoting opportunities to invest with competitive returns. They are enticed into clicking on a link to a website or investment comparison website and submitting their details in a form, requesting more information. The fraudsters then call or follow up with an email and often share what looks like a professional brochure.
Investment scam targets
FraudSMART members, the fraud awareness initiative led by Banking & Payments Federation of Ireland (BPFI), have seen investment scam amounts start from around €5k, but it can go up to many multiples of this, with some cases reaching between €50k and €600k.
Victims are not necessarily wealthy customers but, often, people who have worked hard to build up a pension and are looking for a last opportunity to top up their finances ahead of retirement. While banks are using a range of measures to protect customers, fraudsters are increasingly targeting consumers directly, so it’s important for us all to know how to protect ourselves.
Check all information
with a trusted third party.
Checklist to avoid investment scams
- Stop and think: Does this opportunity sound too good to be true? If so, it probably is.
- Use trusted contact details: Contact the company using an independently verified number or by going to their official website — do not use the contact details or links from an online advert.
- Take your time: There are very few legitimate investment opportunities that require you to hand over or transfer money immediately.
- Research thoroughly: Check the individual and firm for qualifications, credentials, reputation and history. The Central Bank Consumer Hub is a good place to start.
- Verify the information: Check all information with a trusted third party such as a legal or financial professional, and consult with family and close friends.
Where to access advice and support
Consumers can access a wealth of other advice on how to avoid fraud by visiting FraudSMART.ie. If you have shared your bank details and suspect it is a scam, report it to your bank and Gardaí as soon as possible.
