Over-55s are key target for 'increasingly elaborate scams', FraudSMART initiative hears

Nora Owen, former Minister for Justice and FraudSMART older persons ambassador, Niamh Davenport, Head of Financial Crime, BPFI and Sergeant Georgina Reilly, Garda Older Persons Association. Picture: Shane O'Neill, Coalesce.

The number of text and investment scams targeting older people is on the rise and FraudSMART, the banking sector's fraud awareness initiative, has launched a new campaign to tackle the issue.

According to FraudSMART, over-55s are the key target for “increasingly elaborate scams” which seek investments of €20,000 and upwards.

On Wednesday, older people were invited to attend an awareness event in order to learn how to spot and defend themselves against these scams.

Speaking at the seminar, Banking & Payments Federation Ireland (BPFI) head of financial crime Niamh Davenport, said: "We have noticed a recent upsurge in fraud activity, in particular investment scams and smishing, which are text messages seeking your personal and financial information."

Ms Davenport explained that “victims of these scams are not always wealthy customers, but often people on low to average incomes who have worked hard all their lives to build up a pension". “They are at a stage where they are looking for a last opportunity to top up their finances ahead of retirement,” she said.

Ms Davenport urged those within the key target group to “be aware”, as these scams offer “very convincing” investment opportunities. However, she explained that once the money is “invested” it disappears with no redress after it is handed over to an unregulated ‘firm’.

Ms Davenport also warned attendees that they would never receive a text from their bank requesting money. She said: “Don’t click on links, attachments, or images in an unsolicited text, and don’t be rushed into responding. If you are uncertain as to whether a text or email is genuine, ring your bank.” 

Niamh Davenport, Head of Financial Crime, BPFI, Mary Hanafin, Chair of DLR Co Council and Nora Owen, former Minister for Justice and FraudSMART older persons ambassador. Picture: Shane O'Neill, Coalesce.

Former justice minister Nora Owens also spoke at the seminar and admitted that anyone can fall victim to fraudsters. She said: “I think we would all like to believe that we would recognise a scam if we saw it, but the truth is, any of us can fall victim to fraudsters if we’re not on the alert.

“If you receive a text asking you for personal or financial information, whether its purporting to be from your bank, the HSE, parcel delivery services or any other company, do not to click on the link, especially if there is a sense of urgency to it. 

"Take the extra five or 10 minutes to check it, and if in any doubt contact the company independently.

Don’t be afraid to ask for help if something goes wrong. Sometimes people who have given their bank details to a fraudster keep that fact to themselves out of embarrassment. 

"If you have shared your bank details and realise that it is a scam, report it to your bank and the gardaí as soon as possible.“ 

The event was hosted in Dun Laoghaire County Hall earlier today, by Banking & Payments Federation Ireland (BPFI) in conjunction with Age Friendly Ireland and the Garda Older Persons Association.