Warning: Be Vigilant Against Common Scams

Scammers are constantly coming up with new ways to target unsuspecting individuals, often with devastating consequences. In this article, we’ll explore some of the most common schemes and provide guidance on how to protect yourself from falling prey.

Beware of Unsolicited Offers

If someone contacts you out of the blue offering a quick way to make money or access to a large sum of cash, it’s likely too good to be true. Fraudsters may claim they have a large amount of money that needs your help to be released, or notify you of a lottery win you never entered.

Protect Your Finances

• Be cautious when receiving notifications from your bank requesting verification of account numbers and passwords.
• Banks will never ask for your full personal access code or password. If your credit or financial institution contacts you seeking copies of identification documents, verify the request with them before providing any information.

Unauthorised Investment Firms

Boiler room frauds involve unauthorised investment firms cold-calling individuals to buy or sell shares. These scams often promise high rates of return and use high-pressure sales tactics. Be wary of offers that seem too good to be true, especially if they’re based overseas and require an upfront fee.

Watch Out for Phishing Scams

Phishing scams involve fraudsters attempting to trick you into revealing confidential information such as online passwords, PINs, and security questions. These emails often appear legitimate but are designed to deceive. Never respond to or click on links in suspicious emails.

Money Transfer Scams

You may receive an email or ad offering commission for receiving money and sending it elsewhere via a money transfer service. However, this is often a tactic used by criminals to launder their “dirty” money through unsuspecting individuals. Be cautious of any scheme that seems too good to be true.

Cloned Firms and Individuals

Fraudsters are increasingly using legitimate firm details to add an air of legitimacy to their scams. Check the register of approved firms and contact them directly to verify their authenticity. If a deal sounds too good to be true, it likely is.

Report Suspicious Activity

If you’ve been approached by a suspicious individual or firm, report the incident to the relevant authorities. You can also seek advice from organisations such as:

• The Competition & Consumer Protection Commission
• Garda National Economic Crime Bureau
• European Consumer Centre Ireland
• Financial Services Authority (UK)
• FINRA Investor Education Foundation (US)
• Other consumer protection agencies

Remember: if something seems too good to be true, it probably is. Stay vigilant, educate yourself on common scams, and protect your finances from falling victim to fraud.