Man who lost €80k scammed again for 'admin fee' to recover funds

FraudSMART has noticed 'a continued increase' often targeting people over 50 who may be looking for an opportunity to top up their finances ahead of retirement

Garda figures show that almost €60m was stolen from Irish victims in the past four years. Picture: Tim Goode/PA

A man who lost €80,000 in one investment fraud was targeted in a fresh ruse in which he was asked for an administration fee of €8,000 to help recover the funds from the first scam.

The details of the case were revealed on Monday in a report from FraudSMART, the fraud awareness initiative led by Banking and Payments Federation Ireland, which also warns that people over 50 preparing for their retirement are being targeted by fraudsters.