A recent survey commissioned by Bank of Ireland revealed that there was a 74 per cent surge in investment fraud attempts in the first half of the year.
The Red C survey found that 94 per cent of the population had been targeted by fraudsters over the past year, with text messages being the most common method, followed by emails.
Scammers are increasingly using WhatsApp to contact potential victims, and social media has become the primary starting point for successful investment fraud, the survey pointed out.
The fraudsters often follow up with phone calls or messages after customers click on a link or ad, it said, while highlighting that as a key red flag for suspicious activity.
Other warning signs include promises of large returns in a short timeframe, pressure to act quickly, and the requirement for secrecy in the investment.