Bank of Ireland Issues New Warning Related to Fraudulent Activities Involving Romance Scams

Consumers should remain vigilant against romance fraud, which continues to harm unsuspecting individuals each month, according to Bank of Ireland.

The bank emphasizes the importance of staying cautious and not allowing emotions to override financial judgment.

Romance fraud involves scammers creating false identities to build trust and manipulate victims into sending them money.

Fraudsters typically establish fake profiles on social media platforms or dating apps to engage with potential victims, cultivating a sense of trust before exploiting them financially.

These scams often unfold over an extended period as fraudsters gradually develop a connection with their targets.

High-profile cases, such as a Brad Pitt impersonation and the “GAA Catfish” story highlighted on the 2 Johnnies podcast, have brought attention to the issue of fake online profiles.

However, Bank of Ireland notes that the number of cases remains steady over time, and many incidents likely go unreported due to victims feeling embarrassed or ashamed.

Nicola Sadlier, Head of Fraud at Bank of Ireland, urges consumers to be cautious and protect their savings from these scams.

“While high-profile cases like celebrity impersonations make headlines, romance fraud takes many forms. The key takeaway is never to send money to someone you’ve only interacted with online. Real relationships take time to build, but scammers will profess love almost immediately. If the relationship is moving too quickly and money becomes a topic, it’s a red flag. Stop and step back.”

Sadlier also emphasizes the role of social media companies in tackling these scams, as many originate on these platforms.

Rapid intervention and stronger safeguards are essential to reduce the prevalence of romance fraud.

Tactics Used by Romance Fraudsters:

  • Fake Profiles: Scammers use fictitious identities on social media or dating apps.
  • Elaborate Lies: They often claim to be overseas for work or in the military to justify avoiding in-person meetings or video calls.
  • Emotional Manipulation: Daily messages and rapid declarations of love are common.
  • Fabricated Emergencies: Fraudsters request money for emergencies, medical bills, travel expenses, or investments. Stories may include a dying family member or financial hardship to elicit sympathy.

Celebrity Romance Fraud:

These scams often involve:

  • Impersonating a celebrity and contacting victims via social media.
  • Requesting secrecy to avoid media attention.
  • Asking for financial assistance due to “assets tied up” in legal matters.

Tips to Protect Yourself:

  • Exercise Caution: Approach new online relationships with care. Take time to verify the person’s identity.
  • Avoid Sending Money: Never transfer funds to someone you haven’t met in person.
  • Spot Warning Signs: Be suspicious of those who refuse video calls, avoid meeting in person, or quickly express love.
  • Question Stories: Look out for inconsistencies in their claims.
  • Stay Realistic: Celebrities are unlikely to contact fans for money.
  • Seek Advice: Talk to trusted friends or family members if something feels off.

Steps to Take If You’re Scammed:

  • Cease communication with the suspected scammer immediately.
  • Report the incident to your bank, An Garda Síochána, and the relevant platform (social media or dating website).

Romance scams are just one facet of a broader issue of deceptive practices targeting consumers.

Other prevalent forms of fraud include phishing emails, investment scams, and fake online marketplaces.

These schemes often exploit human emotions such as fear, greed, or compassion to manipulate victims.

In Ireland, romance fraud and related scams have led to significant financial losses, with victims losing thousands of euros.

The emotional toll is equally severe, as individuals are often left feeling betrayed and isolated.

Awareness campaigns and better digital literacy are crucial in combating these crimes.

Fraudsters continue to adapt their tactics, leveraging social media and advanced technologies to target unsuspecting individuals.

It is essential for both consumers and digital platforms to stay proactive in identifying and preventing these threats.

By fostering awareness and promoting vigilance, we can collectively reduce the impact of fraudulent activities on society.



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