Bank of Ireland is warning customers to be extra vigilant in their interactions with businesses online, and when responding to unsolicited or unexpected texts, emails or phone calls as the number of impersonation scams continue to rise.
The current spike in fraudulent activity has occurred as Bank of Ireland launches a major national fraud awareness campaign to warn customers of the prevalence of fraud.
The Bank of Ireland research shows that 96% of consumers believe they will be targeted in the next six months, and 82% said they are targeted at least once per month.
The most common forms of impersonation fraud involve people getting calls, texts or emails from fraudsters posing as a parcel delivery firm (80%), a road toll provider (55%) or their bank (49%).
But Bank of Ireland said that as fraud becomes increasingly prevalent, the majority of people now recognise a fraud attempt and react in the correct way.
89% of people who were targeted by a call text or email said they realised very quickly that it was a scam, so they deleted or ignored it.
However, given the large number of scams in operation, the fraudsters rely on a relatively small percentage of people falling for the scam for it to be successful, the bank cautioned.
Nicola Sadlier, Head of Fraud at Bank of Ireland, said that unfortunately, fraud and cybercrime have become part of people's everyday lives.
"Most people who have been a victim of fraud said they fell for the scam because they were distracted or too busy at the time - which underlines the need for vigilance," Ms Sadlier advised.
She said that impersonation is at the root of the majority of fraud in circulation for both Bank of Ireland's personal and business customers.
The bank said it regularly sees fraudsters sending texts posing as delivery companies, road toll and government agencies, while parents are being targeted by impersonating children in need of urgent help, to prey on their vulnerabilities and prompt a reaction.
Businesses are also receiving calls from fraudsters impersonating their bank and duping them into allowing them access to their companies' accounts.
"These are cynical criminals, whose main goal is to access people's bank accounts and steal their money," she stated.
"That’s why we are reminding customers that, often, all is not what it seems, as fraudsters continue to impersonate trusted businesses and organisations, including banks," Nicola Sadlier.
"The message is - Stop, Think, Check. Access your banking only through the official mobile banking app or website by typing in a website address and treat every unsolicited call, text or email as a potential fraud attempt," she advised.
