Consumers warned of 'wave' of new State savings and investment scheme scams 

Banking & Payments Federation Ireland  said Ireland is experiencing wave of investment fraud, particularly targeting people in their 50s

Tanaiste and finance minister Simon Harris. Irish consumers are being targeted by a surge in AI-generated online adverts promoting bogus State-backed investment schemes featuring fake images of high profile politicians. Picture: Niall Carson/PA

Irish consumers are being targeted by a surge in AI-generated online adverts promoting bogus State-backed investment schemes featuring fake images of high profile politicians.

The warning comes from the Banking & Payments Federation Ireland (BPFI) which said Ireland is experiencing a wave of investment fraud, particularly targeting people in their 50s who may be looking for investment opportunities ahead of retirement.

Reports of investment scams to Gardaí rose by over 20% of in 2025 with over €20 million in losses. This upwards trend is continuing into 2026, BPFI warns.

Fake images of finance minister and tánaiste Simon Harris feature in some of the ads. “We are seeing a worrying rise in AI-generated online adverts featuring fake images and videos of well-known and trusted politicians and businesspeople. Fraudsters are exploiting recent news coverage of a planned state-backed savings and investment scheme to make their adverts appear legitimate,” said Niamh Davenport, Head of Financial Crime with BPFI.

“They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly. They typically promise guaranteed returns or a guaranteed monthly income. While these scams are targeted at people of all ages, recent trends show that many victims of investment scams like these are in their early 50s, often at a stage in their life where they are actively managing savings or making longer‑term financial decisions for retirement.” 

Det Supt Michael Cryan of the Garda National Economic Crime Bureau said individual losses can start anywhere from €250 on a crypto scam. “For bigger investment scams involving bonds and shares, it can start anywhere from €10,000 and can increase significantly beyond this. While the amounts may seem high, victims are not necessarily wealthy individuals. They are often ordinary people who have worked hard to build up a pension or savings and are looking for an opportunity to strengthen their finances ahead of, or during, retirement.” 

The BPFI said most of the investment scams tend to follow a similar pattern, with consumers encouraged to click on a registration link and asked to fill in a short form with their contact details to receive more information. “They may then receive a call from a so-called 'financial advisor’ urging them to make an immediate ‘security deposit’ to secure their place on the scheme. Once the victim is convinced and has authorised the payment, the criminal will quickly transfer the money through multiple accounts, often overseas, where it is then cashed out,” said Ms Davenport.

The BPFI’s FRAUDSmart programme aims to raise consumer and business awareness of the latest financial fraud activity and trends. Catherine McGuigan of Age Friendly Ireland said the scams can have a life-changing impact on victims. Det Supt Cryan said: “We would urge everyone, particularly those aged over 50, to be alert to these scams and, if they believe they may have fallen victim to investment fraud, to contact their bank and An Garda Síochána immediately.”