Banks warn of rise in 'highly convincing' investment scams targeting over-55s

FraudSMART said one red flag to watch for is receiving an unexpected telephone call, e-mail or social media message about an investment opportunity

Niamh Davenport of FraudSmart.ie said: "While the amounts may seem high it’s important to point out that the victims are not necessarily wealthy customers, but often people on low to average incomes who have worked hard all their lives to build up a pension and are at a stage where they are looking for a last opportunity to top up their finances ahead of retirement."

There has been a rise in serious investment scams, in particular those targeting people over the age of 55.

FraudSMART, the banking sector's fraud awareness initiative, says these scams are highly convincing, appear legitimate and are often seeking investments of €20,000 and upwards.