Bank of Ireland Security play a significant role in disrupting the activities of fraudsters.
The team scours websites and social media platforms, gathering intelligence and passing it on to the gardaí and other agencies.
Their work leads to websites, phone numbers and fraudulent accounts being taken down, to help protect customers and ensure fewer people are scammed.
Bank of Ireland Security supplied RTÉ News with the audio of a phone call they recorded when a man claiming to be from an investment firm rang to discuss investment options with one of the team.
Paul O'Brien from Bank of Ireland Security searched "compare online savings accounts" which brought up a sponsored advertisement which looked to be an investment comparison site.
He filled out a form on the website and received a reply from someone impersonating a genuine investment broker, with a fake brochure detailing various investment bonds attached.
There followed a call to arrange a suitable time for a further phone call, and during that phone call the 'investment broker' outlined various investment options - all of which were fake. The interest rates on offer were around 6.5%, which is higher than what's available on the market, but not so high as to be obviously fake. There was a minimum investment of €100,000 for the fake financial products he was offering.
The call lasted 10 minutes, and what is notable is the caller has an Irish accent and is not pushy which adds an air of authenticity to the fraudulent product he's offering. He even discusses how Mr O'Brien needs to complete "AML checks" - anti-money laundering - by provide proof of identity and proof of address.
Speaking on RTÉ's Morning Ireland, Mr O'Brien said the terms he used were everything you would expect when opening an account.
"That is something that we see a lot, the lack of urgency. Criminals will try to make this sound as real and as normal as they can, and that is something that can catch people."
Mr O'Brien said there were a number of cases where people were defrauded of significant sums by this fake firm.
"Thankfully in some cases we were able to stop the money before it went, but gardaí are actively investigating those cases at the moment."
He advises people who want to investment with a legitimate firm to go to the firm, and meet the broker in person. "One of the things we would say is make sure the firm is authorised by the Central Bank of Ireland. Now, fraudsters can manipulate that, I would always recommend to somebody to talk to somebody in person. Ideally somebody you know or somebody that has been recommended to you, and make sure they are authorised, regulated, and that you know who you are talking to."
Mr O'Brien said Bank of Ireland Security contacts the social media platforms that carry these ads, and said the reaction "isn't where we would like it to be".
"We do report the ads that we see. They are not always taken down. That is something we are working on and we would like to see more cooperation and collaboration with those social media companies because it is a very significant issue, and there is a lot of fraudulent content being promoted out there."
