One third of social media users have been targeted by a fraudulent advert, new research shows.
According to the survey by Bank of Ireland, the fake ads were most commonly seen on Facebook and Instagram, followed by X, TikTok and Snapchat.
Almost half of the respondents aged 18 or over have seen adverts for investments or cryptocurrency on a social media platform - featuring a well-known personality, politician or musician.
The bank pointed out that impersonation of well-known people and media organisations is a tactic used regularly in fraudulent ads to trick consumers into fake crypto investments, bond purchases, or savings products.
"Fraudulent adverts are a blight on social media platforms," said Nicola Sadlier, Head of Fraud at Bank of Ireland.
"These adverts are all about one thing - the theft of money from consumers and businesses by criminals.
"They cause harm to people, the financial services system, and the economy," she added.
Ms Sadlier said more needs to be done to stop fake ads appearing on social media.
"That's why Bank of Ireland is calling for legislative change at European Union level so that online platforms will have to verify that advertisers of financial services are regulated to sell those services," she said.
Today's research was published ahead of International Fraud Awareness Week, which begins on Monday.
