In Ireland, a rise in scams involving fake bank representatives defrauding people has increased, while cryptocurrency scams decreased due to lower profits and hype, according to the Irish Independent.
These scams have led to Irish citizens losing €20 million in 2023. Scammers contact victims via phone or email, posing as legitimate British banks or trading firms. The police in Ireland are actively investigating these cases, having recovered €2 million from one perpetrator.
Authorities have retrieved €4 million of the €20 million lost to such banking scams since January 2023. Interestingly, cryptocurrency scams, once prevalent, now constitute a smaller portion of investment scams. Instead of complex cryptocurrency scams, fraudsters use fake banking websites and materials to deceive victims.
While over 20 bank accounts in the UK are linked to these scams, authorities have yet to dismantle the operation. The Bank of Ireland cautions its customers against individuals claiming to be bank employees who are pressured to make quick decisions, a common scam tactic.
In Australia, banks report a significant proportion of scams involving cryptocurrencies, with one bank suggesting that one in three dollars lost to scams is related to crypto, potentially even higher, at 40%.
Also Read: Australian Banks Defend Restrictions, Citing 40% Crypto Scam Rate
