Elaborate investment scams on the rise, with people at retirement age the 'key target group'

FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland , said fraudsters are using “highly convincing” brochures that “appear to be legitimate”.

Niamh Davenport, Head of Financial Crime with BPFI, warns that there’s been an increase in recent months of “serious and elaborate investment scams and the numbers are continuing to increase”.“The fraudsters hide behind websites, including product comparison websites, which appear to be legitimate and also make contact via cold calling, unsolicited emails, social media and text messages,” said Davenport.

Davenport said while we like to think we would recognise a scam if we saw it, “the truth is any of us can fall victim to fraudsters if we’re not on the alert”.FraudSMART notes that some red flags to look out for include being cold-called about an investment opportunity.

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