Common Scams to Watch Out For

The Central Bank of Ireland has issued a warning about several common scams that individuals should be aware of. These scams can cause significant financial losses, so it’s essential to understand how they work and how to protect yourself.

Types of Scams

Phishing

• Scammers may contact you via email or phone, claiming to be from your bank or other financial institution.
• They’ll ask for personal details such as online passwords, PINs, and security questions.

Boiler Room Fraud

• Unauthorised investment firms may cold-call individuals, offering to buy or sell shares at a high rate of return.
• These firms are often based overseas and charge upfront fees.

Advance Fee Fraud

• Scammers may claim to have access to a large amount of money but need your help to get it.
• They promise you a share of the funds in return for a small fee.

Spanish Lottery Fraud

• You’re told you’ve won a lottery you never entered and must pay a fee or tax to claim your winnings.

Money Transfer Scam

• You’re offered commission for receiving money into your account and then sending it elsewhere, often via a money transfer service.

Protecting Yourself

To avoid falling victim to these scams:

• Never send money to an unknown person or company in return for a promise of a larger sum.
• Be cautious of unsolicited emails or phone calls asking for personal details.
• Verify the authenticity of investment firms and individuals by checking the Central Bank’s register or calling them directly using their advertised phone number.