Bank warning over ads impersonating well-known retailers

Example cam ads flagged by Bank of Ireland.

Bank of Ireland is warning customers about social media advertisements currently in circulation, which are impersonating well-known retailers offering deals and bargains.

As online shopping peaks at Christmas, the bank said fraudsters are increasingly targeting consumers through scam social media advertisements. The ads impersonate well-known retailers, luring shoppers with fake offers and directing them to counterfeit websites designed to steal personal and financial information.

They offered advice to consumers to avoid being impacted.

• Be cautious of social media ads that look too good to be true.
• Always verify that you are shopping on the official website of a retailer.
• Avoid clicking on links in unsolicited messages or posts - go to the retailer’s website for offers.
• If you suspect fraud, contact your bank immediately.

Banks and financial institutions are carrying out large campaigns to help consumers and customers navigate online purchases and payments, which are a major target of fraudsters.

Bank of Ireland said its fraud prevention team received more than 10,000 calls from customers during the peak holiday period, from December 23 to December 29, with 550 calls on Christmas Day alone.

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Christmas should be a time of joy, not worry. Unfortunately, fraudsters see this season as an opportunity to exploit consumers, and we’re seeing many fake adverts currently which are impersonating well known retailers. Our fraud team is working around the clock, even over the Christmas and New Year period, to support customers. If something feels suspicious, trust your instincts and reach out to us straight away.”