Irish bank customers warned of scams with ‘minimum investments’ of €20,000

The Banking & Payments Federation Ireland said many fraudsters use the names and branding of well-recognised firms

The scams are particularly targeted at those over 55 years of age. Pic: Marc O'Sullivan

Consumers are being warned of a new wave of investment scams by FraudSmart, a fraud awareness initiative led by the BPFI.

The scams involve brochures using the names and branding of well-recognised, legitimate bonds and investment schemes, which the BPFI warns are being circulated by fraudsters and advertised online.

Niamh Davenport, Head of Financial Crime with BPFI, said: “In recent months, FraudSmart members have noticed a rise in very serious and elaborate investment scams and ...