Financial fraud has become more and more commonplace. Reflecting Ireland research shows 3 in 4 have experienced attempted financial fraud and 1 in 4 have been victims. AI is fuelling the frequency and sophistication of attempted fraud, and it is now increasingly difficult to tell fake from genuine communication.  

The rules of thumb we use to protect ourselves have to evolve to keep up. Most of us know not to click on a suspicious link, but there’s more we need to do to stay current. Follow these tips to keep up and stay alert.

 1. Sign up to keep up!

If you’re a PTSB customer, make sure to download the app and opt in to PTSB Protect which tracks and protects you from unusual account activity, fraudulent phone numbers and suspicious text messages, websites or links in real time. PTSB also provide regular updates on financial fraud and steps to take to protect yourself. 

Financial fraud is constantly evolving. Sign up to real-time alerts through Alerts - FraudSMART to learn about the latest scams.

2. Focus on the ask, the offer or the warning, not on how real the communication seems

Nowadays AI allows fraudsters to impersonate trusted organisations, brands or people with increasing accuracy, through email, text, voice message, image or video. A good rule of thumb is to focus on what the ask, the offer or the warning is, rather than how genuine the communication seems. For example …

• Are you being asked to move money, to share personal information, passwords or PIN numbers?
• Are you being told it’s a once-in-a-lifetime investment opportunity, an offer you can’t refuse, a no-risk win?
• Are you being warned your money is at risk, that you have to act urgently?

Any of these are red flags, and the best thing to do is to stop any communication and check.

3. Check it out!

Whether it’s a website, a company or social media ad, there are ways to check if it’s legitimate:

To check if a website is legitimate, go to FraudSMART’s Scamchecker and insert the website address. Also search for the official website yourself - ignoring any links you may have received.

To check if an investment scheme or a financial services provider is legitimate, go to the Central Bank of Ireland register Firm Search or call them directly on 0818 681 681 or +353 (0)1 224 5800. Only firms regulated by the Central Bank of Ireland will appear on the register.

To check if a social media ad is legitimate, leave the social media platform and search for the brand or company independently on the web. Check trusted review sites such as Trustpilot at: Trustpilot Reviews: Experience the power of customer reviews.

4. Keep a cool head!

Fraudsters are experts at tapping into our fears and anxieties, or knowing what gets us excited or hopeful. If you feel your emotions taking over as you listen to a call, read a message or spot an ad, take a deep breath and pause. Emotions cloud our better judgement. Let the emotion pass and the clouds will clear.

Fraudsters are opportunistic

When the government first announced plans in April of this year to launch a new state-backed Irish investment account, fraudsters exploited this with a barrage of fake AI-generated online ads and videos.

5. Protect you and yours

If you’re aged 25 to 34 …

Did you know that your age group is the most likely to be targeted by fraudsters, and the most likely to fall victim? Be extra careful, for example when shopping online.

If you have children or teenagers at home …

Webwise.ie offers advice to both children and their parents on how to protect against scams that deliberately target young people. Find out more at: Online Scams and Young People: What Parents Need to Know

6. If you think you’ve been scammed, report it!

Help keep yourself and others protected. If you think you have been the victim of a scam, report it to your financial institution or the gardaí as quickly as possible.