The Central Bank of Ireland today launched a campaign to help consumers avoid scams by highlighting how scammers’ techniques are evolving.
Lesser-known techniques include fake comparison websites which look and feel like popular websites which help consumers find the best deal on financial services or products. Instead, they are a front to collect personal information which is used to contact consumers to offer them a fake product or service. Consumers can be more likely to fall victim to this type of scam because they are in the market for a particular product and will be expecting further contact.
Fraud recovery schemes are also a popular method which sees scam artists contact victims of fraud with promises of recovering lost funds for an upfront fee. These are designed to exploit victims’ desperation and lead to even more financial loss.
The Central Bank has noted a rise in AI being used to create realistic social media ads and profiles impersonating public or business figures (‘deepfakes’). The profiles and ads will promote investment platforms or encourage consumers to join online ‘trading mentorship’ groups for advice. Consumers are coached through the process of setting up accounts on fake investment platforms and transferring funds. In some instances, they are also encouraged to install software on their devices, giving scammers access to even more sensitive personal information.
The Central Bank is advising consumers to:
- Only use well-known, reputable comparison sites and independently verify any products or offers.
- Examine ads and profiles closely, check the source of ads, and review and query any investment opportunities or platforms they come across before submitting any personal information or transferring money.
- Ignore cold calls, texts, emails or social media messages from anyone claiming to help you recover lost money.
- Never pay fees for recovering lost funds and be cautious about sharing personal information.
Take the SAFE test:
- Stop, think and ask yourself about what you’re being offered.
- Assess the information you’re presented with and check the firm and product are legitimate.
- Factcheck and make sure the information is from a trusted source.
- Expose and report scammers to the Central Bank of Ireland or An Garda Síochána.
