Gardaí warn public to be wary of 'too good to be true' investment opportunities

An Garda Síochána are advising the public to be extra vigilant of fraud while investing. 

According to Gardaí, there has been a 77% increase in reports of investment fraud in 2023, with almost 70% of victims aged over 40 years old.

Investment fraud is where criminals pose as investment managers to fool someone into investing money in schemes and projects that do not exist. 

These sophisticated criminals are taking advantage by cloning web pages and targeting victims through online and social media adverts by promising fast and large financial returns. 

The majority of victims are male (65%) while women account for 35% of investment scams. 

The average amount stolen from victims so far this year is €33,431. 

Speaking at this morning’s (November 15) briefing, Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau said, "People are always going to be attracted to promises of big profits. That is why these sophisticated, fraudulent investments are on the rise, worldwide, not just in Ireland. The victims in most investment frauds are ordinary people who lose their life savings and retirement nest eggs. 

"Between 2021 and 2022, over €25 million was stolen through investment fraud from ordinary people all over Ireland. Be wary where the return being offered sounds too good to be true or where there is a degree of urgency or you are being offered a once in a lifetime opportunity.

"Always seek professional advice when investing whether in cryptocurrency or any kind of investment product. Check the Central Bank website and ensure the company you are dealing with is regulated and that it is not a cloned website you are on. "

By the end of the third quarter in 2022, €11 million had been stolen from victims of investment fraud across Ireland; this has now increased to €18.6 million by the third quarter of 2023. 

An Garda Síochána's top tips to avoid investment fraud are as follows: 

• Do not invest until you get reliable financial and legal advice
• Check the regulatory status of the company via the Central Bank of Ireland webpage
• Do not respond to pop-up/social media ads or messages with claims about investment returns 
• Ignore unsolicited approaches or cold calls about investments 
• Beware of celebrity-endorsed investments – they may not even know that their name is being used 
• Be wary of fake wallets for storing your cryptocurrency - these can be scams for malware to infect or control your computer 
• Do not click on links for webpages that you don’t know and always check that the site is HTTPS secured 
• Never allow anyone remote access to your computer or download Apps that can give others control of your computer
• Never disclose personal data or bank account passwords or codes.