Bank of Ireland has written to over one million personal and business customers to warn them of the risks of investment fraud.
It comes as new research revealed that 94% of the population have received a fraudulent text, email or phone call in the last 12 months.
The bank said investment fraud is on the rise, with a 77% jump in cases reported across the country in 2023.
According to the Garda National Economic Crime Bureau, reports received by Gardaí from victims of fraudulent texts increased by over 30% last year.
"Criminals impersonate legitimate investment companies by copying their websites and brochures," the bank explained.
"These fake websites offering shares, bonds and cryptocurrencies look professional and their "advisors" can seem genuine," it warned.
Bank of Ireland said its fraud teams intercept or prevent the majority of fraud attempts.
In the remaining cases where a fraud has been successful, it said all efforts are made to recover funds for customers.
The bank issued the following advice to its customers, warning of the red flags associated with investment fraud, and the steps people can take to safeguard their finances against fraud attempts.
The five red flags of investment fraud
Follow-up calls: You receive a call having clicked on an ad for an investment product on social media or in a sponsored search result.
Big/fast returns: They promise a quick and profitable return, with little or no risk.
Pressure: They advise you must act quickly to take advantage of an "opportunity of a lifetime".
Urgency: They tell you to make an urgent payment to get in on the deal.
Secrecy: They say you're not to discuss the "investment" with family, friends or your Bank and they may instruct you to sign a "non-disclosure agreement" (NDA).
Fraud awareness advice for customers
Stop: Social media pop-up ads may not be trustworthy and clicking them should be avoided. Be wary of cryptocurrency investment advertisements. Don’t engage with any 'recovery firm’ promising to get funds back for a fee.
Think: Using a trusted source, like your local branch advisor, is still your safest option when it comes to investing.
Check: Always seek independent advice before making any investments. Only use regulated companies – view the Central Bank of Ireland’s warning notices on cloned firms.
If people suspect they have been a victim of fraud they should contact their bank immediately so that the bank can take action to stop a fraud in progress and try to recover funds. Bank of Ireland customers can call its Fraud Team 24/7, on the Freephone line 1800 946 764.
