Fraudsters try to make every day April Fool’s Day

Bank reveals the top 10 ways fraudsters try to catch people out, with ‘investment scams’ continuing to be the most concerning trend

Bank of Ireland is warning customers that fraudsters don’t just try to fool you for one day, they are always active and financial fraud can lead to devastating loss of income and savings. The Bank is reminding customers about the top ten fraud types currently reported to its 24/7 fraud team.

The 10 most commonly reported frauds are:

1. Investment scams – promising higher returns on investments that don’t exist.
2. Smishing texts – scam texts claiming to be from delivery companies and other providers urging you to pay outstanding charges or update account details.
3. Vishing calls – fraudsters pretend to be from your bank, saying your account has been compromised and they need to move your money to a ‘safe account’.
4. Purchase scams – fake adverts on genuine websites and social media platforms that promise a slashed price or bargain.
5. Romance scams – fraudsters build relationships online to manipulate victims into sending them money.
6. Family impersonation – fake messages pretending to be from a family member who has lost their phone and needs access to money.
7. Rental and holiday scams – fraudsters trick people into paying rent for property that doesn’t exist or is not actually available to rent.
8. Money mules – criminals try to recruit people into receiving stolen money into their account, then transfer it to another account and keep some of the cash for themselves as ‘payment’.
9. Malware – harmful apps that ask for full control of your device allowing fraudsters to control your phone and access private information like your banking app.
10. Phishing emails – fraudsters send emails that look like they’re from legitimate companies, asking for personal information or login credentials.

Nicola Sadlier, head of fraud, Bank of Ireland said: “The level of highly personalised targeting, with fraudsters promising higher returns on bogus schemes, continues to grow. Smishing texts and vishing attempts continue on a persistent basis. Fraudulent advertisements online and on social media have been the subject of regular warnings for some time and the trend is not going away. And some new types of fraud including accessing devices using malware are happening more often.

“All fraud types are serious criminal activity and there is no room for complacency. Being alert to the ‘red flags’ – including ‘too good to be true’ returns and pressure to act quickly – is vital.

“Bank of Ireland offers a 24/7 fraud telephone support for customers on 1800 946 764, available every day of the year. We encourage our customers to put this number in their phone, so they have easy access to it if they ever need it.”

Red flags of Investment Fraud:

• Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
• Higher/fast returns: They promise a quick and profitable return, with little or no risk.
• Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime”.
• Celebrity Endorsements: Be wary where the investment is being endorsed by celebrities – they may not know their name is attached to the advertisement.
• Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).

Don’t ever share:

• Your full six-digit 365 PIN or Business On Line credentials
• Any one-time activation codes or codes from your Business On Line Approve app
• Your four-digit card PIN.