“People will always look for ways to invest their money and maximise returns. That is to be expected. But in this and all things, stop and think — if something looks too good to be true then it is too good to be true,” said Edel McDermott, head of fraud at Bank of Ireland. “Fraudsters draw people in by promising huge returns, and then tell them they have to act quickly in order to invest.
Bank of Ireland offered advice to consumers thinking of investing their funds, including seeking independent financial and legal advice, be wary of cryptocurrency ads, and don’t feel rushed into a decision. Celebrity endorsements are not always legitimate either, with many famous names unaware they have been linked with such investments.
Potential investors should only use regulated entities too, and should be wary of unsolicited calls and messages. “By being aware of how these false firms turn up and the tactics that they use, consumers and investors can take steps to protect themselves against fraud and financial loss,” Ms McDermott said.
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