THE PUBLIC HAS warned to be on the lookout for investment scams are one AIB customer was defrauded of over €150,000.

AIB had today warned that fraudsters are deploying increasingly sophisticated tactics to deceive people into parting with their money via investment scams.

Investment scams see fraudsters pose as legitimate financial advisors or companies, offering high returns on investments in cryptocurrency, property, or other assets.

Fraudsters use fake websites, documents, and even false celebrity endorsements to gain trust.

Victims are then pressured to act quickly and make payments using crypto wallets or other unfamiliar platforms—methods that are difficult to trace or reverse.

Recent cases reported to AIB’s Financial Crime team reveal a trend of scammers targeting individuals through social media platforms, WhatsApp groups, fake cryptocurrency platforms, and professional-looking websites.

In one instance, a customer was convinced to transfer over €150,000 after being told they owed capital gains tax before they were promised they’d receive returns.

Another scam victim lost €35,000 after trusting an intermediary who claimed to be investing on their behalf.

Another customer saw an advert on Instagram that claimed high profile celebrities were investing with them.

He contacted the investors and was told to open an account and started to invest small amounts at first.

The customer invested more than €200,000 over a nine-month period.

Meanwhile, people who have previously fallen victim to investment scams are often contacted again by criminals who claim to be able to retrieve the original investment for a fee.

This results in the customer losing more money on top of the original sums taken from them.  

Elsewhere, another customer joined a WhatsApp group believing they were investing in crypto, but instead they made manual payments to a fraudulent IBAN which was provided by the scammer and they lost thousands of euro.

AIB has urged customers to “verify before you invest” and check if the firm is regulated and confirm the identity of the person making contact.

Customers should also be sceptical of urgency – scammers often push for quick decisions and people should take time and double check before parting with money.

The public should also ignore celebrity endorsements, as these are often fake.

Customers should also watch for unusual payment methods, such as requests for using crypto wallets or unfamiliar platforms.

Mary McHale, AIB Head of Financial Crime, noted that investment scams are an increasingly common fraud type that criminals are using.

She warned that the investment scams are often clever and convincing and involve large sums of money.

“If something seems even slightly too good to be true, it probably is,” said McHale.

“That’s why you should wait a sec and double check and never move your money to another account without verifying the legitimacy of the firm and the individual you’re dealing with.”

She also recommended that customers who wish to invest should seek independent financial advice before parting with their money. 

McHale also remarked that AIB is “continuously investing to enhance our fraud monitoring systems in response to new and existing fraud trends”.

Its fraud helpline is also open 24/7.

AIB added that it works closely with stakeholders such as the Banking and Payments Federation of Ireland and the Gardaí to detect and report fraud trends.