INVESTMENT FRAUD ATTEMPTS surged by 76% in the first half of this year, according to a new report by Bank of Ireland.

The bank said that the majority of cases began after potential victims were targeted on social media, where they were offered bogus investment opportunities with promises of high returns.

According to a survey, conducted by RedC on behalf of Bank of Ireland, the vast majority of Irish citizens (94%) have said they were targeted by fraudsters within the last 12 months. 

Nicola Sadlier, the bank’s head of fraud, said the growth in attempts is the “most concerning trend we are seeing at the moment”. She added that all customers must be “on guard” and be alert to red flags.

Red flags include receiving follow up messages after interacting with social media posts, being promised quick and profitable returns with no risks, being pressured or urged to invest and being told to withhold the information of the investment from family.

Though most people have been targeted in the last 12 months, 43% of people believe they will not be defrauded within the next six months. 

Text messages followed by phone calls are the most prevalent method of contact between a fraudster and a potential victim, according to the bank’s research. Around 65% of respondents said they had also been contracted by email.

Correspondence about bogus investment opportunities through WhatsApp, the encrypted messaging service by Meta, have increased in prevalence, according to Bank of Ireland, with 39% of respondents saying they have been targeted on the platform.

Bank of Ireland has planned to spend €50 million on fraud prevention this year, according to the chief customer officer Aine McCleary. Within that fund, €15 million will be spent on new prevention technology and awareness campaigns.