Nearly €19 million has been stolen from victims of investment fraud to date this year, with an average of €33,431 being scammed from each individual. It represents a 77 percent increase in reports of investment fraud compared to last year, and gardaí have issued a warning to the public, urging people to be vigilant when making financial decisions. “People are always going to be attracted to promises of big profits,” said Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau. “That is why these sophisticated, fraudulent investments are on the rise, worldwide, not just in Ireland,” he added. “The victims in most investment frauds are ordinary people who lose their life savings and retirement nest eggs.” READ MORE: Pensioner’s terrier ‘nearly decapitated’ in savage pit bull attack in Dublin More than €25 million was stolen through investment fraud in 2021 and 2022, according to Garda figures. In the first nine months of 2023, some €18.6 million was taken from victims, compared to €11 million during the same period last year. Almost 70 percent of the victims of investment fraud were aged over 40, and 65 percent of them were male. The average amount stolen from victims this year has been €33,431. “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,” said Detective Superintendent Cryan. “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,” he advised. In investment fraud, criminals pose as investment managers to trick someone into investing money in schemes and projects that do not exist. They may target people through online and social media adverts promising fast and lucrative returns. In a series of tips to avoid being conned by investment fraud, gardaí are advising people not to invest until they get reliable financial and legal advice, as well as checking the regulatory status of the company. They are telling people not to respond to pop-up or social media ads that contain claims about investment returns, and urging them to ignore unsolicited approaches or cold calls about investing. Celebrity-endorsed investments are also unreliable as the personality who features in an advertisement may not even know their name or image is being used, according to gardaí. Fake wallets for storing your cryptocurrency are also a trap used by some fraudsters, and can be a front for scams to infect your computer with malware. Gardaí also advise against clicking links for website that you don’t know. Finally, people should never disclose personal or financial data such as passwords or codes, and never allow anyone remote access to your computer or download apps that give others control of your hardware. Join the Irish Mirror’s breaking news service on WhatsApp. Click this link to receive breaking news and the latest headlines direct to your phone. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. If you’re curious, you can read our Privacy Notice.
Gardai issue scam warning after nearly €19m is stolen from victims of investment fraud
