Bank of Ireland has issued an urgent alert to consumers during the festive shopping period, revealing that purchase scams now represent 67% of all reported fraud. These scams, which frequently involve fraudulent advertisements on social media for non-existent or misrepresented goods, have seen a 27% increase over the past 18 months.

New research commissioned by the bank highlights the scale of the issue in Northern Ireland, showing that 87% of the population views fraud as a significant societal problem. The data indicates that younger social media users are particularly targeted; 48% of those aged 18-34 reported receiving fraudulent ads or messages in the last year, while 39% have been targeted via WhatsApp. The study also found a disconnect between consumer confidence and reality. While nearly 70% of respondents felt confident they could identify a scam, 26% of social media users admitted to falling for fraudulent advertisements. Concern for family members is also high, with 47% of young adults worried about their grandparents being targeted, while 40% of those over 55 expressed concern for their children.

Allison Ewing, Fraud Manager for Education & Awareness at Bank of Ireland, commented: "As the results from our research show, fewer than a quarter of consumers trust social media companies to protect users from fraud – the public need and deserve for these companies to do more. No company should profit from fraudulent activity.

"We continue to play our part in advocating for and protecting consumers from financial harm, reminding everyone to Stop, Think and Check before making a payment or sharing information, and I encourage anyone who thinks they may have been the victim of a scam to report it straight away to your bank – we're here and ready to help."

To support customers, Bank of Ireland's dedicated fraud team will remain available 24 hours a day throughout the Christmas and New Year period. Those who suspect they have been targeted can contact the bank via the Freephone line 0800 121 7790 or by using the 159 short code service. Further guidance on avoiding financial fraud is available on the Bank of Ireland UK website's security section.