AIB has issued an urgent warning about investment scams after one customer was defrauded of more than €150,000, with fraudsters deploying increasingly sophisticated tactics to deceive victims.
Investment scams typically involve criminals posing as legitimate financial advisors or companies, offering high returns on investments in cryptocurrency, property or other assets. They use fake websites, forged documents and false celebrity endorsements to gain trust before pressuring victims to act quickly.
Recent cases reported to AIB’s Financial Crime team reveal scammers are targeting individuals through social media platforms, WhatsApp groups, fake cryptocurrency platforms and professional-looking websites. In one case, a customer transferred over €150,000 after being told they owed capital gains tax before receiving promised returns. Another victim lost €35,000 after trusting an intermediary claiming to invest on their behalf.
One customer saw an Instagram advertisement featuring high-profile celebrities and invested more than €200,000 over nine months. Another joined a WhatsApp group believing they were investing in cryptocurrency but made manual payments to a fraudulent bank account, losing thousands.
AIB warns that victims are often targeted again by criminals claiming they can retrieve the original investment for a fee, resulting in further losses.
Mary McHale, AIB’s Head of Financial Crime, said investment scams are becoming increasingly common and sophisticated. “If something seems even slightly too good to be true, it probably is,” she said, urging customers to verify firms are regulated and seek independent financial advice before investing.
AIB advises customers to be sceptical of urgency, ignore celebrity endorsements, and watch for unusual payment methods such as crypto wallets or unfamiliar platforms.