Gardaí Warn of 21% Surge in Investment Fraud as Scammers Target Irish Savers

An Garda Síochána has issued a fresh warning about investment fraud after recording a sharp 21% increase in reports over the past three months, with criminals continuing to steal millions from victims across Ireland through sophisticated bogus investment schemes.

The warning comes as fraudsters increasingly use professional-looking online adverts and fake bond products to trick people into handing over their savings, with €8.5 million stolen in the first seven months of 2025 alone.

Gardaí say overall investment fraud reports have remained consistent with 2024 levels, but the recent three-month spike is particularly concerning. Last year saw nearly €31 million reported stolen, up from €29.5 million in 2023.

The figures reveal the scale of the problem. In 2021, victims lost €14 million to investment fraud. This fell to €11.2 million in 2022 before jumping dramatically to €29.5 million in 2023. By the end of 2024, losses had reached €30.9 million.

Most victims between 2020 and 2024 were middle-aged to elderly individuals, highlighting the particular risk faced by these groups.

Working with financial industry partners, gardaí have identified a marked rise in bogus investment adverts appearing on popular online platforms. These scams typically promote fake bond or deposit products using convincing documentation and professional branding.

The fraudsters' tactics are becoming increasingly sophisticated. They create professional-looking online adverts that appear linked to reputable European financial institutions, then run short advertising campaigns designed to avoid detection.

Victims who click on these adverts are directed to fake websites that prompt them to leave contact details. Within hours or days, someone posing as an investment adviser makes contact by phone or email.

The criminals use real product identifiers, such as bond ISINs, to make their schemes appear legitimate. They claim regulatory oversight without providing verifiable credentials and sometimes use paid press notices or fake articles to add false credibility.

Victims are asked to submit personal identification and transfer funds to accounts controlled by the criminals. The communication is typically polite and professional, with only mild pressure to act quickly. Once the money is transferred, victims lose access to both their funds and the supposed investment.

Gardaí urge the public to watch out for several warning signs: unsolicited investment offers, especially through online adverts; claims of exclusive access to financial products; verification requests using genuine but unrelated documentation; contact details that don't match official channels; pressure to act quickly or limited-time offers; and requests to send funds to accounts outside Ireland.

The advice is straightforward. Be cautious of unsolicited investment opportunities. Independently verify firms through official regulatory registers. Use the Central Bank's SAFE test and check the Central Bank Registers to confirm authorisation.

Never share personal or banking details with unknown individuals or companies. Seek independent financial advice before investing. If you suspect fraud, cease contact immediately and report it to gardaí.

Trust your instincts. If something feels off, stop and investigate. As the saying goes, if it looks too good to be true, it probably is.

Gardaí note that reports of investment fraud are often delayed, sometimes by up to a year, as victims may only realise they've been defrauded when attempting to access their investment.

Anyone who suspects investment fraud should contact their local garda station or the Garda Confidential Line on 1800 666 111.