More than €94 million has been lost in investment fraud over almost five years by members of the public with a concerning 21 per cent increase of such cases reported in the first three months of this year alone, gardaí are warning.
There has also been a “marked rise” in bogus investment adverts across popular online platforms. An Garda Síochána has issued a renewed warning to the public about the persistent and growing threat of investment fraud, which continues to be a major area of criminal activity across the country.
While overall reports of investment fraud have remained consistent with 2024 levels, large sums of money were reported stolen this year.
Reported losses from investment fraud over a four-and-a-half year period to the end of July this year show in 2021 €14 million was taken and in 2022 €11.2 million. That figure jumped substantially to €29.5m a year later and rose again to almost €31 million last year. For the first seven months of this year to the end of July the amount of money stolen has reached almost €8.6 million.
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The majority of victims have been middle-aged to elderly individuals, highlighting the need for increased awareness and vigilance among vulnerable demographics.
An Garda Síochána, with financial industry partners, has observed a particular “marked rise” in bogus investment adverts appearing across popular online platforms. These scams typically promote fake bond or deposit products using convincing documentation and branding.
The primary tactics employed by fraudsters include professional-looking online advertisements linked to reputable European financial institutions, short-lived ad campaigns designed to evade detection along with fake websites prompting users to leave contact details.
There is often follow-up contact by phone or email from individuals posing as investment advisers, the use of real product identifiers, claims of regulatory oversight without verifiable credentials and paid press notices or articles used to lend false credibility.
Victims are quite often asked to submit personal identification and transfer funds to accounts controlled by criminals. Communication is typically polite and professional, with mild urgency to act quickly to put pressure on unassuming potential victims. Once funds are transferred, victims lose access to both their money and the supposed investment.
Gardaí are urging the public to watch out for unsolicited investment offers, especially via online adverts.
Issues that should cause concern include claims of exclusive access to financial products, verification requests using genuine but unrelated documentation, contact details that do not match official channels, pressure to act quickly or limited-time offers along with requests to send funds to accounts outside Ireland.
The advice to the public from gardaí is to be “cautious of unsolicited investment” opportunities, “independently verify” firms via official regulatory registers, use the Central Bank’s SAFE test and check the Central Bank Registers to confirm authorisation.
People are also asked to be aware of sharing personal or banking details with unknown individuals or companies, and to seek independent financial advice before investing.
“If you suspect fraud, cease contact immediately and report the matter to gardaí. Trust your instincts – if something feels off, stop and investigate. Remember, if it looks too good to be true, it probably is, “a garda spokesperson added.
