Irish banks warn over-50s of rising AI-driven celebrity investment scams, with losses averaging €30k–€40k. FraudSMART launches awareness campaign.
Irish banks have issued a fresh warning to consumers over a sharp rise in investment scams that use AI-generated celebrity endorsements to lure victims, particularly those aged over 50.
The Banking & Payments Federation Ireland (BPFI), through its fraud awareness initiative FraudSMART, has launched a national campaign in response to the growing threat.
The campaign, fronted by former Republic of Ireland footballer Niall Quinn, aims to educate the public on how to identify and avoid fraudulent investment offers. The initiative comes amid a 21 per cent increase in reported investment scams in the three months to October, according to Gardaí.
If it is too good to be true, it probably isn’t
“These scams are becoming increasingly sophisticated,” said Niamh Davenport, head of Financial Crime at BPFI.
“FraudSMART members have seen a rise in online pop-up adverts featuring fake, AI-generated endorsements from trusted public figures.
“These scams promote a range of investment opportunities, from cryptocurrencies to traditional bonds and shares, and are often difficult to detect.”
How celebrity-driven AI scams work
Victims are typically drawn in by adverts that prompt them to submit contact details. This is followed by a phone call from someone posing as a financial advisor, often using the branding of legitimate banks or investment firms. In some cases, scammers create social media profiles mimicking real employees and send convincing brochures to reinforce their credibility.
Once a payment is authorised, the funds are quickly transferred to multiple accounts, often overseas, making recovery difficult.
“Losses can range from €250 in crypto scams to €30,000–€40,000 in larger schemes involving bonds and shares,” said Detective Sergeant Niall Smith of the Garda National Economic Crime Bureau. “Some victims have lost significantly more. These are often people who have worked hard to build up a pension and are seeking to supplement their finances.”
In 2024, investment fraud losses in Ireland totalled nearly €31 million, more than double the €14 million reported in 2021. While overall reports have remained steady, the recent spike has prompted renewed concern.
Quinn, who has held executive roles in football and business, said he was pleased to support the campaign. “In today’s world, it is harder than ever to tell what’s real or fake. If you see an advert featuring a well-known person, ask yourself if they’re really the best person to give financial advice. My advice is simple: pause, verify, and stay FraudSMART.”
FraudSMART is urging consumers to avoid sharing personal details via online adverts and to verify investment offers independently. “Banks are implementing protective measures, but because these scams target consumers directly, awareness is key,” Davenport said. “If you believe you’ve been targeted, report it to your bank and Gardaí immediately.”
The campaign also encourages the use of resources such as Scamchecker.ie and the Central Bank’s registers to verify firms’ credentials. FraudSMART’s information leaflet on investment scams is available online, along with further guidance and alerts.
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