Central Bank of Ireland warns consumers about changing fraud landscape

The Central Bank of Ireland today (10 November 2025) launched a campaign to help consumers avoid scams by highlighting how scammers' techniques are evolving.

Lesser-known techniques include fake comparison websites which look and feel like popular websites which help consumers find the best deal on financial services or products. Instead, they are a front to collect personal information which is used to contact consumers to offer them a fake product or service. Consumers can be more likely to fall victim to this type of scam because they're in the market for a particular product and will be expecting further contact.

Fraud recovery schemes are also a popular method which sees scam artists contact victims of fraud with promises of recovering lost funds for an upfront fee. These are designed to exploit victims' desperation and lead to even more financial loss.

The Central Bank has noted a rise in AI being used to create realistic social media ads and profiles impersonating public or business figures ('deepfakes'). The profiles and ads will promote investment platforms or encourage consumers to join online 'trading mentorship' groups for advice. Consumers are coached through the process of setting up accounts on fake investment platforms and transferring funds. In some instances, they're also encouraged to install software on their devices, giving scammers access to even more sensitive personal information.

Speaking on the launch of the campaign, Deputy Governor of Consumer and Investor Protection Colm Kincaid said: "Across society we see increasingly sophisticated scams, principally on social media and other digital channels. Scammers are using these channels to harm users of regulated financial services. Digitalisation has clear benefits, but these attacks are increasing the need for vigilance.

"Even messaging around investment scams is changing. We are seeing a move away from promises of lucrative high returns or eye-catching benefits towards scams that are offering just higher than the market norm, making them even more difficult to spot.

"We are launching this campaign to encourage consumers to take time to verify the information they're seeing online, to ensure they deal only with a regulated financial service provider and get necessary regulated advice before making key financial decisions."

The Central Bank is advising consumers to:

• Only use well-known, reputable comparison sites and independently verify any products or offers.
• Examine ads and profiles closely, check the source of ads, and review and query any investment opportunities or platforms they come across before submitting any personal information or transferring money.
• Ignore cold calls, texts, emails or social media messages from anyone claiming to help you recover lost money.
• Never pay fees for recovering lost funds and be cautious about sharing personal information.
• Take the SAFE test:
  • Stop, think and ask yourself about what you're being offered.
  • Assess the information you're presented with and check the firm and product are legitimate.
  • Factcheck and make sure the information is from a trusted source.
  • Expose and report scammers to the Central Bank of Ireland or An Garda Síochána.

The Central Bank has further information about how to avoid scams at https://www.centralbank.ie/scams

Consumers can call 0818 681 681 or contact the Central Bank through our report unauthorised firms section of our website.

ENDS

Further information

[email protected]086 210 33859

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