Majority of Irish people distrust social media platforms to protect against fraud as new wave of WhatsApp-based investment scams wreak havoc, Bank of Ireland warns.
Seven in ten social media users in Ireland do not trust social media platforms to protect them from fraud, new research commissioned by Bank of Ireland reveals. Nearly three-quarters express distrust in the advertisements they encounter online.
The findings come just as Bank of Ireland is also warning consumers about a new wave of WhatsApp-based investment scams known as “pump and dump” schemes.
“Social media platforms have become a lucrative hunting ground for fraudsters and consumers are paying the price while technology giants gain revenue”
These scams involve fraudsters posing as financial experts in group chats, spreading misleading information to inflate the value of obscure stocks or cryptocurrencies. Once the price peaks, the scammers sell their holdings and abandon the group, leaving victims with devalued assets.
The research, conducted by Red C in August 2025, highlights growing public concern over fraudulent content on social media.
According to the findings, 91% of respondents believe social media companies should be prohibited from profiting from scam advertisements, and 90% say financial service advertisers should be required to prove their legitimacy before promoting on these platforms.
Social media ads: A lucrative new hunting ground for fraudsters
“Social media platforms have become a lucrative hunting ground for fraudsters and consumers are paying the price while technology giants gain revenue,” said Nicola Sadlier, head of Fraud at Bank of Ireland.
“As we launch our new fraud awareness campaign highlighting scams originating via social media, a new spate of ‘pump and dump’ investment fraud is spreading fast, mainly using WhatsApp.”
“With results from the latest Red C survey showing seven in ten consumers now distrusting social media companies to shield them from fraud, and over 90% demanding an end to platforms profiting from scam ads, the message is clear. The public wants protection. It is time for increased accountability, not just algorithms.”
The Bank’s new 2025 fraud awareness campaign, titled “Not All Social is Social”, focuses on educating consumers and businesses about key fraud threats including investment scams, CEO fraud, invoice redirection, smishing, and fake online purchases. The campaign features expert advice from Bank of Ireland’s fraud prevention team and international cyberpsychologist Professor Mary Aiken.
Why won’t the social media giants just make it stop?
“Fraud online is now an industrialised, platform-enabled phenomenon,” Professor Aiken explained.
“Scammers leverage the same targeting and engagement tools legitimate advertisers use; the difference is that families and businesses bear the cost.”
Professor Aiken continued: “Bank of Ireland’s findings, which show that seven in ten users distrust platform protection and over 90% want an end to profits from scam ads, reveal an overwhelming public appetite for reform. ‘Not all social is social’, much of it is commercial, algorithmic and adversarial.
“The solution is safety by design, verifying financial advertisers, building friction and warnings into investment journeys, and enforcing clear accountability when systems enable harm. If platforms can target us to buy, they can target protections to keep us safe.”
Consumers who suspect they have been targeted by fraud are advised to contact their bank immediately. Bank of Ireland customers can reach the Fraud Team 24/7 via Freephone at 1800 946 764. Additional resources and safety tips are available in the Security Zone on the Bank of Ireland website.
Top image: Pictured at the launch of the public awareness campaign are Bank of Ireland’s Head of Fraud Nicola Sadlier, along with Baz Ashmawy, cyberpsychologist Professor Mary Aiken and members of Bank of Ireland’s fraud prevention team.
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
For support in challenging times, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
