Surge in scammers using fake Irish celebrity endorsements to target over 50s trying to top up retirement funds

Average individual losses range between €30,000 and €40,000, with some victims losing multiples of this

Mon, 10 Nov, 2025 - 00:00

Alan Healy

A rising wave of deepfake ads using AI to impersonate Irish celebrities are being used to target and scam consumers, with average losses ranging between €30,000 to €40,000 for those getting duped.

The past three months have seen a surge in investment fraud cases reported to the gardaí, ranging from small-scale cryptocurrency scams to larger investment-related fraud.

The Central Bank of Ireland and the Banking and Payments Federation of Ireland have both issued fresh warnings, with those over the age of 5o being particularly targeted.

In recent months, many well-known Irish figures have been forced to publish disclaimers reminding followers that ads promoting investment opportunities or cryptocurrencies are not genuine and were created using AI.

Gardaí have recorded a 21% increase in investment scams in the three months up to October. Niall Smith, Detective Sergeant at the Garda National Economic Crime Bureau, said almost €31m was reported stolen in Ireland last year through investment fraud, up from €14m in 2021.

"While overall reports of investment fraud have remained consistent with 2024 levels, a concerning 21% increase has been recorded in the three months up to October 2025, with large sums of money reported stolen," he said.

"Losses can start anywhere from €250 on a crypto scam, but for bigger investment scams involving bonds and shares, average individual losses are ranging between €30,000 - €40,000 and unfortunately, there are victims who have lost multiples of this."

Despite the large sums involved, he said the victims are not necessarily wealthy, but often people who have worked to build up a pension and are looking for an opportunity to top up their finances ahead of retirement.

The Central Bank said it has also noted a rise in such ads and profiles impersonating public or business figures, called deepfakes. The profiles and ads will promote investment platforms or encourage consumers to join online ‘trading mentorship’ groups for advice. Consumers are coached through the process of setting up accounts on fake investment platforms and transferring funds. In some instances, they’re also encouraged to install software on their devices, giving scammers access to even more sensitive personal information.

Deputy Governor of Consumer and Investor Protection Colm Kincaid said: “Across society, we see increasingly sophisticated scams, principally on social media and other digital channels. Scammers are using these channels to harm users of regulated financial services. Digitalisation has clear benefits, but these attacks are increasing the need for vigilance.

“Even messaging around investment scams is changing. We are seeing a move away from promises of lucrative high returns or eye-catching benefits towards scams that are offering just higher than the market norm, making them even more difficult to spot.

Other, lesser-known scam techniques include fake comparison websites which look and feel like popular websites which help consumers find the best deal on financial services or products. Instead, they are a front to collect personal information, which is used to contact consumers to offer them a fake product or service. Consumers can be more likely to fall victim to this type of scam because they’re in the market for a particular product and will be expecting further contact.

Fraud recovery schemes are also a popular method, which sees scam artists contact victims of fraud with promises of recovering lost funds for an upfront fee. These are designed to exploit victims’ desperation and lead to even more financial loss.