The Bank of Ireland has recently noted that the majority or more than half of the reported cases of investment fraud have been reported by clients who are aged 65 and older. Bank of Ireland data indicated that these developments were observed during the first half of 2025. Moreover, investment fraud is said to be one of the most potentially detrimental factors to victims, who can potentially stand to lose significant sums of money including their hard-earned and vital savings.
According tot he update from the Bank of Ireland, investment fraud occurs when fraudsters, posing as legit companies or service providers, try to offer consumers investment “opportunities” via social media or in a sponsored search result.
The update also noted that a common tactic is to promise high returns and then put people under “considerable pressure to commit to the investment opportunity quickly.”
According to a blog post by the Bank of Ireland, the majority of investment fraud cases begin on social media with customers “then receiving phone calls and messages to continue the scam.”
Advice for customers:
- Always check that a company is legitimate before engaging with them in any way around your finances. You can check whether a company is authorised to give financial advice by checking the Central Bank of Ireland Register.
- Do not give your details via social media ads offering investment advice.
Stay calm: If you get pushy calls offering you investments, don’t feel rushed or pressured to respond.
Nicola Sadlier, Head of Fraud, Bank of Ireland said:
“Fraud has no age limit. Our senior customers have spent years building their savings and can lose significant sums to investment fraud in an instant. Highly personalised targeting of consumers continues to grow year on year, and we know that fraudsters are deliberately targeting older customers who may have access to savings. Everyone, no matter their age, needs to be on their guard.
Sadlier added:
“We are highlighting the prevalence of investment fraud among all demographics, and notably, in the aged 65 and over group, and reminding everyone of some of the warning signs. Bank of Ireland runs one of the most comprehensive consumer fraud awareness programmes in Ireland, designed to help safeguard the financial wellbeing of our customers. When it comes to fraud, there is no room for complacency. Being alert to the ‘red flags’ – including too good to be true returns and pressure to act quickly – is vital.”
