Bank of Ireland warns of new wave of 'convincing' investment scams circulating on Meta platforms

The ads, which offer fake deposits and bond investment products, are notable for their professional language and convincing appearance, promising higher-than-average returns on fixed-term investments

The ads, which offer fake deposits and bond investment products, are notable for their professional language and convincing appearance, promising higher-than-average returns on fixed-term investments. 

Bank of Ireland is warning of a new wave of investment fraud ads currently in circulation on Meta platforms. 

Fake advertisers have posted multiple ads on Facebook and Instagram in August promoting what they claim are bonds from European banks. The ads are targeting users across the EU and all demographics.

Some 24 similar ads using this tactic alone have so far been seen by almost 43,000 users across the EU, the lender said. 

The ads, which offer fake deposits and bond investment products, are notable for their professional language and convincing appearance, Bank of Ireland said, promising higher-than-average returns on fixed-term investments. 

Once a customer clicks on the ad and submits their details via an online form, they are then targeted with a range of supporting materials and follow-up phone calls from a fraudster posing as an investment manager. 

Many of the investment opportunities offer fixed-term returns, meaning there will be an expected surge in reporting of these fraud cases in 6 or 12 months when people discover the fake investment company no longer exists.

One fraudster referred several times to being “officially recognised as one of the Top 10 Independent Investment Companies in Europe” and “under the regulatory supervision of FINMA (Swiss Financial Market Supervisory Authority)”.

Typical ad used in investment scams on Meta Platforms 

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “We are seeing a wave of fake investment ads on social media which offer guaranteed high returns on European investment products, with little or no risk. These ads, which are in circulation now on Meta platforms, are particularly concerning, as they look more professional compared to the more obvious fraudulent ads for trading platforms or crypto investments.

“The real sting comes later. Victims often sign up for fixed-term investments of 6 to 12 months, only to discover the scam when they try to access their funds—and the company has disappeared.

Ms Sadlier said the growth in investment fraud is one of the most concerning trends they are seeing, with the level of highly personalised targeting of consumers continuing to grow year on year. 

"We are urging consumers to ignore any unsolicited investment offers online, and always verify financial products through their bank or trusted financial advisor. Make sure that the investment firm is regulated by checking the Central Bank of Ireland register. If a firm is not listed, do not invest."