Bank of Ireland has issued an urgent warning about a sophisticated text message scam that has seen a dramatic surge in reports, with daily incidents this week reaching 10 times the weekly numbers recorded in April and May.
The elaborate fraud scheme tricks customers into transferring money to bogus “safe accounts” through convincing text messages and follow-up phone calls that appear to come from the bank. The scam has become increasingly sophisticated, with fraudulent messages sometimes appearing within genuine Bank of Ireland text message threads.
Customers receive text messages that warn of suspicious account activity or claim their card has been placed on hold. One example message reported to the bank states: “Your card has been placed on hold due to recent activity. To review and remove the hold, please contact us immediately at 019061952. REF:BOI7749.”
The fraudulent messages use various wordings but typically ask recipients questions such as “Did you log in from a new device?” or “Do you recognise this transaction?” They may also claim a transaction has been declined, followed by urgent instructions to call back on a provided number, often a landline with 01, 1800, or regional codes.
When victims call the number, fraudsters posing as Bank of Ireland representatives answer and claim suspicious activity has been detected on the account. The scammers then employ a particularly clever tactic by asking if the customer has a Revolut or other secondary account, instructing them to transfer all their funds there for supposed security.
In the final stage of the deception, fraudsters tell victims to move the money again to a “safe account” that they claim will protect the funds but is actually controlled by the criminals.
Significantly, the fraudsters avoid requesting traditional sensitive information such as login details, PINs, or security codes, which helps them bypass typical fraud warning signs that customers have been trained to recognize.
Nicola Sadlier, Head of Fraud at Bank of Ireland, expressed concern about the escalating pattern. “We have been seeing a concerning pattern in the increase of this type of fraud. This week’s escalation has resulted in the highest number of reports in a single day of this particular type of fraud, so we need our customers and the general public to be vigilant and recognise the warning signs.”
The bank emphasizes a crucial point that customers should remember: “Bank of Ireland will never ask you to move your money to another account to keep it safe.”
Sadlier advises customers who receive suspicious texts not to call back on the provided numbers and to remain vigilant for warning signs. Instead, customers should contact the bank using only trusted phone numbers, such as those on the back of their banking cards or within the official mobile app.
Customers who believe they may have fallen victim to fraud should immediately contact Bank of Ireland’s fraud team on their 24/7 freephone line at 1800 946 764. Those who receive suspicious messages are also encouraged to email screenshots to 365security@boi.com to help the bank track and combat these scams.
The sharp increase in reports represents a significant escalation in this type of fraud, with Bank of Ireland noting that this week’s daily reports exceed the total weekly numbers from earlier in the year by more than 1,000 percent.
The sophistication of these scams, including their ability to appear within legitimate text message threads and avoid requesting traditional sensitive information, makes them particularly dangerous for unsuspecting customers. The use of secondary accounts like Revolut as an intermediate step adds another layer of complexity that can make the fraud appear more legitimate to victims.
This warning comes as financial institutions across Ireland continue to grapple with increasingly sophisticated fraud attempts that exploit customers’ trust and familiarity with legitimate banking communications.