Investment fraud attempts surge by 76% in first half of 2024 

New data from Bank of Ireland and Red C reveal 94% of people have been targeted by a fraudster in the past year

Pictured at the launch of Bank of Ireland’s latest fraud consumer awareness campaign Nicola Sadlier, Head of Fraud, Bank of Ireland; in the ‘film noir’ style of FraudWatch: True Crime Stories, a video series that features accounts of real-life fraud attempts. Pic:Naoise Culhane

The volume of investment fraud attempts has surged by 76% compared to the same period in 2023, with the majority of cases originating from social media, new data from Bank of Ireland and Red C reveals.

The type of fraud, which has become increasingly common in recent years, happens when criminals posing as legitimate firms offer consumers investment opportunities on social media or in a sponsored search result. 

These schemes commonly promise high returns and put victims under considerable time pressure to commit quickly.

While many start on social media, many victims will then receive phone calls and messages to continue the scam. 

Bank of Ireland has also warned about a growing practice of re-targeting customers, whereby fraudsters contact a person who has already been a victim and pose as someone trying to help the consumer recover their money. 

In addition to a surge in investment fraud attempts in the past six months, Bank of Ireland also reported that 94% of people have been targeted by a fraudster in the past year, most commonly through text message at 89%, followed by phone calls at 75% and emails at 65%. 

It also noted growth in fraudulent messages via WhatsApp in the past 12 months. 

“The growth in investment fraud attempts is the most concerning trend we are seeing at the moment," said Nicola Sadlier, Head of Fraud at Bank of Ireland. "The level of highly personalised targeting of consumers continues to grow year on year, and everyone needs to be on their guard. 

"When it comes to this serious criminal activity, there is no room for complacency. Being alert to the ‘red flags’ - including too good to be true returns and pressure to act quickly – is vital."