Bank of Ireland has warned that fraudsters are targeting farmers with fake machinery sales.
The bank said scammers are targeting farmers with pop up social media ads, leading to bogus machinery websites.
Many scams are centred around vehicles like camper vans and tractors, while others create websites to look like well-known companies.
The purchaser is often lured by the false promise of a reduced price or bargain and asked to pay directly, sending money from their bank account to another via bank transfer, which provides little protection.
Once the payment is transferred, the seller usually cuts all contact, and the product or service doesn't arrive.
"Financial crime is a persistent and growing problem in our society, and no individual or type of business is safe from being targeted by fraudsters," said Nicola Sadlier, Head of Fraud at Bank of Ireland.
Ms Sadlier gave an example of a purchase scam which involved a poultry farmer attempting to purchase machinery after seeing a social media pop-up ad on their computer.
"The farmer contacted the company via the social media platform and details were exchanged," she explained.
"The bogus company then sent an invoice for the machinery and payment of €49,000 was sent for the purchase.
"Once funds were sent, they did not receive a response to emails and all communication ceased," she added.
Bank of Ireland's Fraud and Security team will be giving talks at the National Ploughing Championships this week, with advice for farmers on how to safeguard their business and finances from fraudsters.
