The Central Bank has issued a warning about an increase in artificial intelligence (AI) being used to create realistic social media ads and profiles impersonating public or business figures.
These "deepfake" ads promote investment platforms or encourage consumers to join online "trading mentorship" groups for advice.
The Central Bank said consumers are coached through the process of setting up accounts on fake investment platforms and transferring funds.
"In some instances, they're also encouraged to install software on their devices, giving scammers access to even more sensitive personal information," the regulator said.
The Central Bank has launched a campaign to help consumers avoid scams by highlighting how scammers’ techniques are evolving.
These include the use of fake price comparison websites and fraud recovery schemes.
Deputy Governor of Consumer and Investor Protection at the Central Bank Colm Kincaid said that messaging around investment scams is changing.
"We are seeing a move away from promises of lucrative high returns or eye-catching benefits towards scams that are offering just higher than the market norm, making them even more difficult to spot," Mr Kincaid said.
The Central Bank is advising consumers to only use reputable comparison sites; to independently verify any products or offers; to examine ads and profiles closely; and to ignore cold calls, texts, emails or social media messages from people offering to recover lost money.
Rise in pop-up scam ads
Also today, FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI), is issuing a fresh warning to consumers about investment scams.
It said that the latest trend has seen a marked increase in the use of pop-up adverts online and on social media, featuring fake, AI-generated endorsements from celebrities.
Niamh Davenport, Head of Financial Crime with BPFI, said these scams can promote a wide range of supposed investment opportunities, from cryptocurrencies to more traditional options such as bonds or shares.
"Scammers are continually finding new and complex ways of luring people into investment scams, often targeting people over 50 who may be looking for an opportunity to top up their finances ahead of retirement or, to boost their current pension," Ms Davenport said.
Gardaí have recorded a 21% increase in investment scams in the three months up to October 2025.
"Losses can start anywhere from €250 on a crypto scam, but for bigger investment scams involving bonds and shares, average individual losses are ranging between €30,000 - €40,000 and unfortunately, there are victims who have lost multiples of this," said Niall Smith, Detective Sergeant at the Garda National Economic Crime Bureau.
