Consumers are being advised to exercise caution when buying tickets from unofficial sellers online.

The Irish Banking Federation issued the warning after a number of people who tried to buy Electric Picnic tickets from unofficial websites did not receive the tickets and lost their money.

This year's Electric Picnic festival, which takes place this weekend, is sold out.  

The IBF says that this type of fraud can increase with any event where tickets are in high demand or sold out.

People buying tickets online are advised to verify that the seller is the legitimate holder of a genuine ticket and that they intend to exchange the ticket for the fee paid.