Fraud Watch

Learn about real fraud cases with Professor Mary Aiken, cyberpsychology expert.

Stop Think Check publicity image with Baz and Mary

True Crime Stories

Fraud is constantly evolving and sadly, fraud attacks have now become part of our everyday lives. Many of us receive at least one fraudulent text, email or phone call a month, so it’s important that we look after our financial wellbeing by knowing how to protect ourselves from fraud scams.

Our new social series, Fraud Watch: True Crime Stories zones in on different types of fraud to help you recognise the signs that something is not what it seems. We give you easy to follow tips to keep you and your banking details safe.

Remember, always Stop, Think, Check. And together, we won’t let the fraudsters win.

Fraudsters Impersonating Bank Employees

Fraudsters may phone or text you, pretending to be a bank employee. They may say that there is a suspicious transaction on your account that needs immediate action. This scam is designed to cause panic.

Stop, Think, Check

Bank of Ireland will never ask for your full banking login details or passcodes. If you’re unsure about a call or text, simply call the Bank using the number on the back of your card.

Video Transcript
Emer got a call from a fraudster posing as a Bank of Ireland employee, saying her business bank account had been compromised.
He urged her to download an app and convinced her to give him codes from her business online account. This enabled him to steal €175,000 over a few days. The bank managed to recover some of the money.
Calls like this from fraudsters can lead to panic-driven loss avoidance behaviour, an emotional fight or flight response where people do exactly what the caller says.
Stop. Never give personal or banking information to anyone.
Think. Bank of Ireland will never ask you for your full login details or passcodes.
Check. If unsure, call the bank using the number on the back of your card.
Stop, think, check. And together, we won’t let the fraudsters win.

Online Purchase Scam – Concert Tickets Fraud

When things are in high demand, it opens up online purchase scam opportunities for fraudsters. People’s desperation to secure hard-to-get concert tickets, or the fear of missing out, can push them into making reckless decisions.

Stop, Think, Check

Don’t click on links in emails or pop-up ads on social media. Ask yourself, is this offer too good to be true? Always use an official trusted website to make a purchase.

Video Transcript
Alex saw an online ad for three tickets to a sold-out concert.
He paid €750 to the seller who promised he would get the tickets before the concert. The tickets never arrived.
He tried contacting the seller again, but all contact was cut off. Alex never recovered his money.
When things are in high demand, it opens up online purchase scam opportunities for fraudsters.
People’s desperation to secure hard to get tickets or the fear of missing out can push them into making reckless decisions.
Stop. Don’t click on links in emails or pop-up ads on social media.
Think. Does this offer seem too good to be true?
Check. Always use an official trusted website to make a purchase.
Stop, think, check. And together, we won’t let the fraudsters win.

Invoice Redirection

Fraudsters can email company employees impersonating a supplier. They’ll ask for a change of bank account details for the supplier’s payments, so that all future payments go to them.

Stop, Think, Check

Always call your supplier on a trusted number before making any payment changes. Don’t use the contacts listed in the email or letter requesting the change.

Video Transcript
Miriam in accounts got an email from a supplier outlining details of their new bank account.
She phoned the number on the email to verify them and then paid their €22,000 invoice.
When the real supplier contacted her about their unpaid invoice, Miriam realised she hadn’t verified the details with somebody she knew in the company.
She reported the fraud and the bank recovered most of the money.
Fraudsters exploit human psychology through carefully crafted deception techniques. These include forging emails and invoices and using official logos and signatures.
Stop. Never send money to new accounts without first verifying the details.
Think. Contact details contained in letters or emails could be fake.
Check. Call the supplier on a trusted number before making any payments.
Stop, think, check. And together, we won’t let the fraudsters win.

CEO Fraud

Fraudsters email company employees impersonating the CEO or a senior manager, asking them to make an urgent payment to a new bank account or to buy gift vouchers.

Stop, Think, Check

Always question an unusual or urgent payment request, no matter who it’s from.

Video Transcript
Shane got an email from his manager asking him to urgently pay a supplier using a new bank account.
She stated she would be out of contact for a few hours at meetings, but to action the request immediately. Shane swiftly organised the payment of nearly €15,000 to the new bank account.
Unfortunately, it was a CEO fraud scam.
CEO fraud relies on the authority bias of employees obeying hierarchical structure. Phrases like “strictly confidential” isolates the target while engineered urgency rushes them to action a payment without questioning it.
Stop. Create a culture where questioning the CEO or senior manager is safe and expected.
Think. Always check that the email is from the real sender.
Check. Phone them on a trusted number before actioning anything. No matter how urgent.
Stop, think, check. And together, we won’t let the fraudsters win.

Smishing – Delivery charges scam

Never respond to “urgent” requests for delivery or customs charges. Fraudsters send these fake requests hoping to catch you off-guard.

Stop, Think, Check

Never click on the link within a text or email request. Verify directly with the named delivery company instead.

Video Transcript
Eve was getting her kids ready for school when she got a text from a delivery company instructing her to urgently pay customs charges.
The link she clicked led to a genuine looking but fake website. There she entered all of her bank details and activation code. This allowed fraudsters to access her account without her knowing. They made two large card transactions stealing over €3,000 which was never recovered.
Fraudsters are masters of deception. They trick you into sharing your bank details by using an urgent but small charge which they say is delaying delivery.
Stop. Never respond to texts asking for customs or delivery payments.
Think. Are you even expecting a package?
Check. Contact the company directly to verify payment requests.
Stop, think, check. And together, we won’t let the fraudsters win.

Investment Fraud and Fake “Recovery Agents”

Never allow an investment or financial advisor to pressure you to act quickly when it comes to investing. Don’t engage with people who call themselves Recovery Agents. It’s a scam.

Stop, Think, Check

Fully research the company and make sure that they are registered with the Central Bank of Ireland. Talk with your trusted financial advisor before taking any action.

Video Transcript
Dave searched online for investment opportunities.
He clicked on an investment ad and filled in a callback form. He got a call from a “broker” offering excellent returns. Pressurised to act quickly, Dave transferred €118,000 over two months. The bank intervened and recovered some of his money.
Dave was then re-victimised when contacted by a fake recovery agent. He paid them €10,000, but never heard from them again.
Searching about investments online leaves a digital trail that allows fraudsters to profile and target you, promising high returns.
Stop. Never ever rush to invest.
Think. Never engage with firms promising to retrieve your money for a fee.
Check. Fully research the company to know whether it’s real or fake.
Stop, think, check. And together, we won’t let the fraudsters win.

Investment Fraud – Fake ads on social media

Don’t fall for social media ads selling easy, tech-assisted investing. There is no trading platform or scheme that can guarantee great returns.

Stop, Think, Check

Ignore investment ads promising get-rich-quick opportunities. If you want to invest, always speak with a trusted financial advisor.

Video Transcript
Martin saw an ad on social media advertising an automated trading platform.
He clicked on it and entered his contact details for more information. He got a call from an “investment broker” looking for a small initial investment of €170.
The bank intercepted the scam and fully recovered Martin’s money before he could be persuaded to invest anymore.
Young men are more likely to engage in impulsive high-risk activities, especially scams giving the false impression that AI or tech-enhanced platforms can easily deliver big returns.
Stop. Never engage with online ads promoting easy tech-led investing.
Think. Fake ads promise unrealistic get-rich-quick returns.
Check. Always get professional financial advice before investing.
Stop, think, check. And together, we won’t let the fraudsters win.

Romance Fraud

Protect yourself, your heart and your wallet from fraudsters posing as someone else on social media and dating apps.

Stop, Think, Check

Never send money to someone you’ve only chatted to online.

Video Transcript
Kim received a message on social media from an unknown person.
They spoke online before exchanging mobile numbers. The fraudster told Kim he was an army captain fighting overseas. Their relationship deepened.
He convinced her to send him €7,000 for flights home, medical bills and so that they could start a life together.
This romance scam was only discovered after all contact had stopped. No money was ever recovered.
Romance fraudsters build trust and exploit emotional connections online, over time, before making financial demands.
Stop. Never send money to somebody you’ve only chatted to online.
Think. Be careful who you get involved with on social media or on dating sites.
Check. If money’s requested, talk to a trusted friend or family member.
Stop, think, check. And together, we won’t let the fraudsters win.

Investment Scams

The need for secrecy…investment scam fraudsters try to isolate their victims by warning them not to talk to family and friends about their “investment”, for fear that their family or friends would intervene and stop the victim from transferring money.

Stop, Think, Check

Using a trusted source, like your local branch advisor, is still your safest option when it comes to investing.

Video Transcript
Patricia received a fake email from her niece, apparently excited about a cryptocurrency investment.
She clicked on the website and then got a call from a “broker” who described the incredible returns she could make. Over the next 6 months, the broker regularly pressurised Patricia to invest more money. She even borrowed from her friends and family.
Patricia lost nearly €260,000 in this crypto scam. The money was never recovered.
A key attack vector for investment fraud is using fake introductions from trusted family members.
Personal information online – your digital footprint – makes this really easy for fraudsters.
Stop. Question why a relative would send emails about investing.
Think. Have you recently searched or liked anything about investing?
Check. Talk to your relative. Ask them if they emailed you.
Stop, think, check. And together, we won’t let the fraudsters win.

Purchasing Scams

Our human senses are finetuned to make judgement calls in the real world but it’s hard to do this online.

Stop, Think, Check

Only buy from reputable retailers. If it’s not a well-known shopping site, do some research. Look for independent reviews on other websites, rather than trusting testimonials on the site itself.

Video Transcript
Tom saw an ad for a motorhome online.
He clicked onto a legitimate-looking website and started messaging the “owner”.
The photos of the motorhome looked amazing and it was a great price. So he sent a payment of €30,000. Tom never saw the motorhome or his €30,000 again.
He contacted the genuine motorhome company who suggested the website was fake and the IBAN was linked to a fraudster’s account.
Our human senses are fine-tuned to make judgment calls in the real world. It’s hard to do this online. This opens a psychological attack vector for criminal fraudsters.
Stop Be cautious when expressing an interest in anything on social media.
Think Do due diligence on the website selling the product.
Check Never rush to buy a bargain, no matter how good it looks.
Stop, think, check. And together, we won’t let the fraudsters win.

Invoice Redirection

Invoice redirection fraudsters use trusted relationships as a point of attack and can extract information from emails.

Stop, Think, Check

Always verify payment change requests by contacting a known contact in the company directly, using contact details held on record, or by using a phone number displayed on the company’s website. Links or contact details contained in the email or letter requesting the change could be fraudulent. Don’t use them.

Video Transcript
Liam and Claire were buying a house. They had already transferred the deposit and some fees.
They received an email from their “solicitor” requesting a final payment of €200,000 to be paid to a different bank account in the UK. Excited, they made the final payment.
However, their solicitor later informed them that she had not requested it.
The couple were devastated to learn that their €200,000 was gone. The money was never recovered.
Invoice redirection fraudsters use trusted relationships as a point of attack and extract information from emails.
Stop Always question any request to change banking details.
Think Does it make sense for this request to come from this source in this way?
Check Speak with your contact on the existing number that you have for them before making any payment.
Stop, think, check. And together, we won’t let the fraudsters win.