It’s all too easy to be fooled by online or phone scams but when you know what to look for, you significantly lower your risk of becoming a victim
We read about banking scams and online fraud on a daily basis but we never think it’s going to happen to us.
We’re convinced that our passwords are bulletproof and that there’s no way we’d ever fall for someone pretending to be our online banking portal telling us that our account has been hacked or that “suspicious activity” has been flagged.
Until it does happen and we panic. Hearts racing, we blindly do exactly what we’re told in order to fix the problem and go back to our lives. And just like that, we’ve been scammed.
Financial fraud can lead to a devastating loss of income and savings so it’s vital to be vigilant when it comes to online banking. According to Bank of Ireland’s fraud reporting data, the most concerning fraud type being used to target customers is investment scams, with smishing texts and vishing calls following closely behind.
Further down the list, yet becoming more prevalent, are malware attacks where fraudsters gain access to customers’ devices and access private information, including their banking app.
Here is a list of the 10 most commonly reported frauds:
Investment scams – promising higher returns on investments that don’t exist.
Smishing texts – scam texts claiming to be from delivery companies and other providers urging you to pay outstanding charges or update account details.
Vishing calls – fraudsters pretend to be from your bank, saying your account has been compromised and they need to move your money to a ‘safe account.’
Purchase scams – fake adverts on genuine websites and social media platforms that promise a slashed price or bargain.
Romance scams – fraudsters build relationships online to manipulate victims into sending them money.
Family impersonation – fake messages pretending to be from a family member who has lost their phone and needs access to money. Call them in person to verify the message.
Rental and holiday scams – fraudsters trick people into paying rent for property that doesn’t exist or is not actually available to rent.
Money mules – criminals try to recruit people into receiving stolen money into their account, then transfer it to another account and keep some of the cash for themselves as ‘payment’.
Malware – harmful apps that ask for full control of your device allowing fraudsters to control your phone and access private information like your banking app.
Phishing emails – fraudsters send emails that look like they’re from legitimate companies, asking for personal information or login credentials.
Red flags of Investment Fraud:
- Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
- Higher/fast returns: They promise a quick and profitable return, with little or no risk.
- Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime.”
- Celebrity Endorsements: Be wary where the investment is being endorsed by celebrities – they may not know their name is attached to the advertisement.
- Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).
Remember, your bank will never:
- Send you a text or email with a link directly to the login page of our online banking channels asking you to confirm or update your banking details
- Ask you to click a link in a message with an urgent warning about suspicious activity on your account
- Ask you to transfer money out of your account to protect you from fraud
- Ask you to send us back your bank card
Don’t ever share:
- Any one-time activation codes or codes
- Your four-digit card PIN
Nicola Sadlier, Head of Fraud, Bank of Ireland said: “All fraud types are serious criminal activity and 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.”
