Don’t let scammers make you their next investment

 

 

With cryptocurrency hitting the headlines in recent weeks, Bank of Ireland is urging consumers to stay alert to scammers who are seeking to lure your savings into fake investment pots.

From cryptocurrency and stock trading, through to more traditional bonds and deposit products, a range of trading and investment scam ads are being presented on a daily basis to consumers which are too good to be true.

Allison Ewing, Fraud Manager for Education & Awareness in Bank of Ireland UK said:

“Criminals will use any angle they can to steal your money. We are seeing more use of fake celebrity endorsements on social media advertising investments that simply don’t exist.  These ads can look real, with dashboards that show high initial returns designed to lure consumers into handing over their money. Unfortunately, however, when consumers ask for their money back, they realise that there was never an investment product to start with, and their money has been stolen.

Much of this type of fraud starts through social media platforms and tech platforms. Clearly, these fake ads should be caught before being published online but many are not. We want these companies to step up and crack down on this criminal activity. No company should make money from fake ads.

We’re also urging consumers to Stop, Think and Check so they aren’t lured into a fake investment that leaves them out of pocket. And we’re reminding everyone that it’s really important to make contact with your bank immediately if you think you are the victim of a scam.”

Stop:

  • Don’t trust that adverts on social media or celebrity endorsements are genuine – scammers place fake ads and can use AI to create a convincing but fake endorsement.
  • Don’t trust anyone that suggests you take out a loan or use credit to make an investment.
  • Don’t be rushed – a genuine firm won’t mind waiting until you have done your research on the company and the investment.
  • Don’t share your bank account details, PIN or passwords with anyone.

Think:

  • Be wary of companies / people that reach out to you with investment opportunities out of the blue – why have they contacted you?
  • Is this legitimate?  Think about this at every step as financial criminals will go to great lengths to make opportunities appear legitimate.  From fake testimonies to registration numbers and authorisation documents – some may even go so far as to create fake digital portals to show your ‘investment’ and demonstrate how you would manage your portfolio.
  • Be thorough – think what else can I do to make sure this is genuine and legitimate – and remember if the returns on offer feel too good to be true, then they probably are.
  • Make sure you have sole control of any digital wallets and that no-one else has access.  If you didn’t set the wallet up yourself or can’t access the money, this is likely to be a scam and you should contact your bank as quickly as possible.

Check:

  • Do your research before making an investment, check:
  • o   The investment firm/individual is registered; all individuals and companies providing investment services within the UK must be listed on the FCA register.
  • o   What activities and services the firm/individual have permissions to provide; if the activity or service the firm/individual is offering is not listed this could be a scam.
  • o   The firm/individual’s contact details; if these differ to the contact details you have for the firm/individual this is likely a scam. You should always use the contact information for the investment firm/individual that is listed on the FCA register.
  • o   Use the FCA ScamSmart Investment Checker to help avoid scams
  •  Consider speaking to your Bank, a regulated financial advisor or other professional before making investment decisions.

Sometimes, fraudsters will also re-target victims of fraud, contacting them from a ‘new’ company offering to recover the money they lost for an upfront administration fee. Once the fee is transferred the new company, and any funds paid, disappears. This is why it is important that you contact your bank directly if you have shared your banking information with a fraudster.

Bank of Ireland’s fraud team is available to support customers 24/7 and can be contacted on the Freephone line 0800 121 7790 or by dialing 159, the memorable short code number that connects consumers safely with their bank.

More advice and information on fraud is available at: Security and Fraud – Bank of Ireland UK website