BoI warning after rise in investment scams
Bank of Ireland has urged consumers to be alert to investment scams after a recent increase in reports of investment fraud.
The bank called for extra vigilance, particularly in relation to scams being carried out by false and unregulated companies offering fake investment opportunities.
“There has been a notable increase in false and unregulated companies offering convincing investment opportunities promising a quick profit,” said the bank’s head of fraud Edel McDermott.
Bonds
These companies may be selling cryptocurrencies or offering bonds and share investments that do not exist, she said, adding that consumers or investors who handed over money to such firms were unlikely to see it again.
Ms McDermott listed a number of warning signs for consumers to watch out for:
- Bogus firms online may appear on internet searches for investment opportunities or via pop-up message on a website or through social media,
- Online articles where a celebrity appears to promote an investment or tells a story about how much they made from it,
- Unsolicited calls or emails from someone who claims to be from a legitimate investment company who puts pressure on the consumer to take advantage of an urgent opportunity.
Cold calls
The bank is urging customers not to respond to cold calls and to be suspicious of any offers that guarantee a return or a large profit.
It also advises people to research companies and check the Central Bank or Financial Conduct Authority (UK) registers before making any investment.