The Bank of Ireland has urged consumers to "stay alert to scammers" who are seeking to lure savings into fake investment pots.

The bank has reported a rise in fraudulent ads for trading and investment products, from cryptocurrency to more traditional bonds, being presented to consumers on a daily basis.

Allison Ewing, Fraud Manager for Education and Awareness at Bank of Ireland UK, said: "Criminals will use any angle they can to steal your money. We are seeing more use of fake celebrity endorsements on social media advertising investments that simply don't exist." She added that these ads can look real, with dashboards showing high initial returns to lure consumers into handing over their money. Unfortunately, when consumers ask for their money back, they realise the investment product never existed.

The bank is also calling on social media and tech platforms to "step up and crack down" on the criminal activity, stating that "no company should make money from fake ads."

To help consumers protect themselves, Bank of Ireland is urging everyone to "Stop, Think and Check." This involves being wary of un-solicited investment opportunities, thoroughly researching any firm or individual, and using resources such as the FCA ScamSmart Investment Checker to verify that a firm is legitimate. The bank also warns against fraudsters who re-target previous victims by offering to recover lost money for an upfront fee. Anyone who thinks they may have been a victim of a scam is urged to contact their bank immediately. Bank of Ireland’s fraud team is available to support customers 24/7 and can be contacted on the Freephone line 0800 121 7790 or by dialling 159.

Stop:

• Don't trust that adverts on social media or celebrity endorsements are genuine – scammers place fake ads and can use AI to create a convincing but fake endorsement.

• Don't trust anyone that suggests you take out a loan or use credit to make an investment.

• Don't be rushed – a genuine firm won't mind waiting until you have done your research on the company and the investment.

• Don't share your bank account details, PIN or passwords with anyone.

Think:

• Be wary of companies / people that reach out to you with investment opportunities out of the blue – why have they contacted you?

• Is this legitimate? Think about this at every step as financial criminals will go to great lengths to make opportunities appear legitimate. From fake testimonies to registration numbers and authorisation documents – some may even go so far as to create fake digital portals to show your 'investment' and demonstrate how you would manage your portfolio.

• Be thorough – think what else can I do to make sure this is genuine and legitimate – and remember if the returns on offer feel too good to be true, then they probably are.

• Make sure you have sole control of any digital wallets and that no-one else has access. If you didn't set the wallet up yourself or can't access the money, this is likely to be a scam and you should contact your bank as quickly as possible.

Check:

• Do your research before making an investment, check:

• The investment firm/individual is registered; all individuals and companies providing investment services within the UK must be listed on the FCA register.

• What activities and services the firm/individual have permissions to provide; if the activity or service the firm/individual is offering is not listed this could be a scam.

• The firm/individual's contact details; if these differ to the contact details you have for the firm/individual this is likely a scam. You should always use the contact information for the investment firm/individual that is listed on the FCA register.

• Use the FCA ScamSmart Investment Checker to help avoid scams

• Consider speaking to your Bank, a regulated financial advisor or other professional before making investment decisions.

Sometimes, fraudsters will also re-target victims of fraud, contacting them from a 'new' company offering to recover the money they lost for an upfront administration fee. Once the fee is transferred, the new company, and any funds paid, disappears. This is why it is important that you contact your bank directly if you have shared your banking information with a fraudster.