Irish banks warn of fake celebrity ads flooding socials scamming people out of thousands

Irish consumers, especially those aged over 50, are being urged to be extra cautious after a surge in fake celebrity adverts promoting bogus investment schemes.

FraudSMART, the fraud awareness campaign led by Banking & Payments Federation Ireland (BPFI), has warned that scammers are using AI-generated celebrity images and videos to trick Irish people into parting with their savings.

The sophisticated scams often appear as pop-up ads or social media posts promising guaranteed returns or "can't-miss" investment opportunities.

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Niamh Davenport, head of financial crime with BPFI, said: "Scammers are continually finding new and complex ways of luring people into investment scams. In recent months, we've seen a particular rise in fake, AI-generated endorsements from well-known celebrities.

"These scams can promote a wide range of supposed investment opportunities, from cryptocurrencies to bonds or shares."

Once victims click on a fake ad, they are typically contacted by someone posing as a financial adviser, complete with convincing brochures and fake company branding. The scammers often impersonate real banks and investment firms.

Once money is transferred, it is quickly moved through several accounts abroad and becomes impossible to trace.

Gardaí have reported a 21 per cent rise in investment scams over the past three months, with average losses ranging from €30,000 to €40,000.

Detective Sergeant Niall Smith of the Garda National Economic Crime Bureau said: "While overall reports have remained steady, the value of losses is increasing. These criminals are targeting people who have worked hard to build their pensions and savings."

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FraudSMART has now teamed up with football legend Niall Quinn to launch a national campaign urging consumers to think twice before clicking.

"It's harder than ever to tell what's real or fake," Quinn said. “If you see an advert online with a famous face, ask yourself if they're really the best person to give financial advice. Always pause, verify, and stay FraudSMART."

Ms Davenport added that while banks are introducing stronger protections, the best defence remains caution.

"Pause for thought, don't share personal details through pop-up ads, and contact companies directly to verify them. If you think you've been scammed, contact your bank and Gardaí immediately," she said.

What to look out for to avoid investment scams:

• Never share personal or banking details with unknown individuals or companies.
• Be wary of online pop-up ads: Fraudsters use fake ads featuring well-known celebrities to promote bogus investment offers. Avoid clicking on these links and always search for the company or investment directly through a trusted source.
• Pause and take your time: Legitimate investment opportunities will never pressure you to transfer money immediately.
• Research thoroughly: Check the firm's credentials, reputation and history. Check the Central Bank Registers to confirm the firm is authorised at registers.centralbank.ie and contact the investment firm directly using numbers from their official website or other reputable independent source.
• Seek trusted advice: Talk to a regulated financial or legal professional and discuss with family or friends before making any investment.
• Use Scamchecker.ie: Before engaging or investing online, use Scamchecker.ie to help verify the website's legitimacy.

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