BANK OF IRELAND has warned customers about investment scams from fake or unregulated investment firms.

The bank issued a fraud alert today following an increase in reports of incidence of investment fraud.

Edel McDermott, Head of Fraud at Bank of Ireland, said there has been “a notable increase in false and unregulated companies offering convincing investment opportunities promising a quick profit”.

McDermott explained: “For example, they might be selling cryptocurrencies or offering bonds and share investments that do not exist.

“A consumer or investor who falls victim to these companies and hands over money is unlikely to see their money again. There is unfortunately no redress for a consumer or investor who hands over money to an unregulated firm.”

McDermott said people “can take steps to protect themselves against fraud and financial loss” if they are aware of the tactics these false companies use. 

Bogus firms attempt to contact people in various ways – on social media or via pop-up messages on websites; false online articles where a celebrity appears to promote an investment; and via unsolicited calls or emails.

The bank has issued the following advice for consumers to protect themselves:

• Do not respond to cold calls and don’t be rushed into investing your money
• Be suspicious of any offers that guarantee a return or a large profit
• Research the company and check if they are listed on the Central Bank register before making any investment