Fraudsters targeting older customers who may have access to savings…
Over half of the reported cases of investment fraud have been reported by customers aged 65 and older, according to Bank of Ireland data from the first half of 2025. Investment fraud is one of the most potentially detrimental to victims, who can stand to lose significant sums of money including their savings
Investment fraud happens when fraudsters, posing as legitimate firms, offer consumers investment opportunities on social media or in a sponsored search result. A common tactic is to promise high returns and then put people under considerable pressure to commit to the investment opportunity quickly. The majority of investment fraud cases begin on social media with customers then receiving phone calls and messages to continue the scam.
Advice for customers:
- Always check that a company is legitimate before engaging with them in any way around your finances. You can check whether a company is authorised to give financial advice by checking the Central Bank of Ireland Register.
- Do not give your details via social media ads offering investment advice.
- Stay calm: If you get pushy calls offering you investments, don’t feel rushed or pressured to respond.
- Don’t commit: Always seek advice before making decisions.
- Stop the call: If you feel pressured or if the caller won’t take no for an answer, end the conversation. Don’t be embarrassed to put the phone down.
- If you think you have a been a victim of fraud, contact your bank immediately, on a number you trust. Bank of Irelands’ 24/7 dedicated fraud line is: 1800 946 764.
Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Fraud has no age limit. Our senior customers have spent years building their savings and can lose significant sums to investment fraud in an instant. Highly personalised targeting of consumers continues to grow year on year, and we know that fraudsters are deliberately targeting older customers who may have access to savings. Everyone, no matter their age, needs to be on their guard.
“We are highlighting the prevalence of investment fraud among all demographics, and notably, in the aged 65 and over group, and reminding everyone of some of the warning signs. Bank of Ireland runs one of the most comprehensive consumer fraud awareness programmes in Ireland, designed to help safeguard the financial wellbeing of our customers. When it comes to fraud, there is no room for complacency. Being alert to the ‘red flags’ – including too good to be true returns and pressure to act quickly – is vital.”
Bank of Ireland’s fraud team members provide training to customers, community groups and organisations around the country. To date, they have delivered 80 free fraud awareness events, reaching over 4,500 people to highlight some of the warning signs and provide tips and advice to help protect members of the public against fraud.
Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds.
Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.
