Irish authorities sound the alarm as investment fraud skyrockets, with €25.36 million extorted in 2023 alone, according to a recent Garda report. The figures show a worrying trend, with €14 million lost in 2021 and €11.5 million in 2022. The first two months of 2024 have seen a doubling of reported victims compared to the same period last year, totaling 55 cases.
Men over 40 comprise 69 percent of victims, highlighting the vulnerability of this demographic. Since January 2020, 965 individuals have reported falling victim to investment scams.
Fraudsters often pose as investment managers, luring victims with promises of non-existent schemes, preying on the public’s desire for financial security, especially amid rising living costs. Social media ads and fake apps are common tactics used to ensnare unsuspecting victims.
Gardaí caution against trusting online advertisements or unsolicited phone calls promising hefty returns. Experts advise thorough research and consultation with trusted sources before investing, emphasizing the importance of verifying the legitimacy of investment opportunities.
In light of the escalating threat, the public is urged to remain vigilant and report any suspicions of fraud to the authorities promptly.