Bank of Ireland Warns of Widespread Social Media Investment Scams in EU

Bank of Ireland has issued multiple warnings about a surge in sophisticated fake investment advertisements circulating on social media platforms like Facebook and Instagram, targeting users across the European Union. These ads, which promote bogus bonds and deposits from European banks, use professional language and convincing visuals, promising high returns on fixed-term investments with little or no risk. Victims who respond are often engaged through personalized follow-up calls and materials from fraudsters posing as investment managers, with many scams involving fixed-term commitments of six to twelve months, leading to delayed discovery when the fake companies vanish. The bank highlights the increasing personalization and professionalism of these scams as a major concern in financial fraud trends and urges consumers to verify investment firms through official registers such as the Central Bank of Ireland. Additionally, Bank of Ireland calls on social media and tech platforms to intensify efforts to crack down on these fraudulent ads and advises the public to be cautious of unsolicited offers, fake celebrity endorsements, and any pressure to invest using loans or credit. Fraud support services are available for victims, emphasizing the importance of vigilance and verification in protecting against these evolving scams.