Ireland Seeks to Crack Down on Investment Fraud

Investment Scams Reach Alarming Levels in Ireland

In a disturbing trend, Gardaí have reported that €25.36 million was stolen from Irish citizens last year alone due to investment scams. This figure is alarming and has seen the number of victims increase dramatically.

The Scope of the Problem

• 69% of those affected by investment scams are male
• The majority of victims are aged over 40
• Over 55 cases have already been reported this year, with a total of 965 cases since January 2020

Sophisticated Scams Targeting Vulnerable Individuals

Criminals are using sophisticated methods to target victims, including:

• Cloning websites and online adverts
• Social media scams posing as investment managers or representatives of reputable firms
• Convincing scripts, fake authorisation numbers, and legitimate company addresses to gain trust

Warning Signs and Prevention Measures

Gardaí have warned people to be vigilant and advised against responding to unsolicited cold calls or messages about investments. It’s also essential to:

• Not invest until receiving reliable financial and legal advice
• Check the regulatory status of companies on the Central Bank of Ireland website

Support for Victims

Detective Superintendent Michael Cryan urges victims to come forward and speak with them in any Garda station. “Investment fraud can happen to anyone, and it’s not just about losing money – it’s about losing life savings or a retirement lump sum,” he said.

The cost-of-living crisis is expected to worsen the situation, making it essential for people to be aware of the risks and take necessary precautions.