Financial fraudsters are becoming more sophisticated at convincing people to hand over money, according to the Central Bank of Ireland, which has warned consumers to be increasingly vigilant around potential investments.
On Wednesday, the regulator launched a new campaign aimed at helping people to avoid investment scams by taking “four practical steps” when considering buying a financial product or dealing with a firm through social media, unsolicited phone calls or texts.
Consumers are being told to pause before sending money or personal information, assess whether the firm is legitimate, fact-check to ensure the product or service is genuine, and report the firm to the Central Bank if they have concerns.
“It’s an unfortunate fact of life that scammers are getting better and more convincing all the time,” said Central Bank deputy governor Derville Rowland in a statement. “So, if you get an email or a message on your phone that’s offering you an investment or a loan, or asking you for your personal information, we’re asking you to stop for a minute, and spot the scam artist.”
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
She reminded consumers that no legitimate firm will make contact “out of the blue” and pressurise you into investing money. “Nor will they ask for a fee to process a loan application, or ask you to click a link in a text message and provide them with your financial details.”
Irish companies are already preparing for impact of Trump’s tariffs
Ms Rowland said: “We have seen some very realistic scam investments, using real firms’ details and logos, even the names of their staff. These have duped genuine people who were seeking the best place to invest significant amounts of money.”
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
