PHONE FRAUD HAS increased by close to 300%, according to the latest AIB Fraud Trend report.

Between January and May, AIB has seen a 297% increase in reports of phone call or vishing fraud, including text message fraud, when compared to the same period last year.

AIB’s report also shows a 6% increase in customers falling victim to vishing and smishing scams.

Vishing, short for voice phishing, is a type of scam where criminals use phone calls to trick people into revealing sensitive information like bank details or passwords.

Scammers often impersonate trusted entities like banks or government agencies in an attempt to gain trust and steal information.

Smishing meanwhile is a similar scam that uses deceptive text messages, as opposed to phone calls.

Meanwhile, among frauds which are not smishing or vishing scams, losses associated with customers compromising their login details is up 67%.

Top five frauds

AIB has said that these are the top five frauds that scammers have been using between April and June.

Text message fraud, also known as smishing, continues to be a major threat and the scam most commonly perpetrated by fraudsters.

Scammers send messages that appear to be from reputable sources and trick people into providing personal information or clicking on malicious links.

AIB has reminded people to never click a link in an unexpected text message or call the number provided.

If in doubt, contact the sender on a known and trusted number to verify its legitimacy and never provide log in or security details.

Elsewhere, safe account scams involve fraudsters posing as bank officials who call and inform victims that their accounts have been compromised.

They then persuade victims to transfer their funds to a “safe” account for protection, which is often their own account, and often in other financial institutions. 

These so-called safe accounts are controlled by the scammers, resulting in the victims losing all transferred funds.

Banks will never call and ask people to move their money to a new account for safe keeping. If you receive a call like this, hang up immediately.  

Investment scams have also surged this year, with perpetrators offering lucrative returns on fake investment opportunities.

These scams often target individuals seeking to grow their savings quickly, using convincing pitches and professional-looking websites.

Victims invest substantial sums only to realise later that the promised returns are non-existent and their funds have been stolen.

AIB has reminded the public to always question if something sounds too good to be true.

And as we come into peak travel season, there has been a rise in holiday scams.

Scammers create fake travel websites, luring victims with attractive deals on flights and accommodation.

Once payments are made, victims discover their bookings are fraudulent.

AIB has cautioned the public to always book holidays through reputable providers and to research accommodation to ensure it actually exists.

AIB also noted that these scams aren’t just advertising foreign holidays, but Irish ones too.

Lastly, AIB is warning of purchase scams when online shopping.

AIB has warned of fraudulent websites or sellers who may take money without delivering the promised goods.

There is also the risk of personal and financial information being stolen through insecure websites, leading to identity theft and financial loss.

Another threat is the potential for receiving counterfeit or substandard products.

AIB has urged people to shop from reputable websites, use secure payment methods, and stay vigilant for any signs of suspicious activity.

Mary McHale, AIB Head of Financial Crime, has called on people to “take a moment to ask yourself, could this be a scam?”

“Wait a sec and double check,” she added.

McHale added that AIB’s fraud helpline is open 24/7, seven days a week, and that the bank works closely with stakeholders to detect and report fraud trends.