Scam celebrity crypto ads aim to steal your cash… so don’t take the bait
Fraud attempts have doubled in just a year – especially scams involving ads on social media and Google. You know the ones where well-known people reveal they have ‘made a fortune’ in cryptocurrency and invite you to do the same. Only they haven’t – and would never advise anything of the kind. Social media giants are only held responsible for (eventually) taking down these ads not for putting them up in the first place – which enables them to make billions. Now, an increasing number of banks are warning customers to be on the alert for such scams. The latest is Bank of Ireland where NICOLA SADLIER is head of fraud. She tells us how to beat the scammers.
What is the latest trend in fraud? Bank of Ireland is warning about an increasing number of false articles appearing online designed to defraud consumers through fake financial products, investments or cryptocurrency schemes.
I’ve seen other banks now also warning about this. Is it hitting customers?
Fraud attempts have almost doubled year on year and our advice is to be constantly vigilant. Bank of Ireland will continue to make customers aware of how they may be targeted, and to Stop, Think and Check. We can see that the various campaigns are making an impact, as our research is showing that awareness of fraud is extremely high.
What kind of false articles?
The articles appear like news articles from genuine media outlets, but they are false advertisements that fraudsters are actually paying for online. The advertisements feature fabricated news stories with claims about specific cryptocurrency trading platforms or designed to entice readers to websites where some share personal details [mobile number] and they can then be contacted and defrauded. The false articles/ advertisements generally feature a well-known personality or celebrity, combined with a controversial headline. It’s unacceptable to see fraudsters operating so openly on social media. No company should be generating advertising revenue from criminals – social platforms need to step up and crack down.
What’s your advice?
Don’t click on these adverts, ignore them completely, and if an investment sounds too good to be true, it’s probably fraud.
What about your own experiences?
My dad was caught out recently. He had Google-searched a top Irish brand, clicked on the sponsored ad and then the link to the website and he proceeded to buy a pair of shorts. He then received a call from the bank to tell him that he had unknowingly shared his card details on a fake website. This was close to home (despite all my advice). All of us are receiving calls, texts and emails – and more and more people are getting caught.