Financial scams are becoming increasingly sophisticated. Fraudsters may use convincing websites, social media adverts, text messages, phone calls and emails in an attempt to gain access to your money or personal information.
The Central Bank of Ireland advises consumers to be particularly cautious when receiving unexpected communications or financial offers. Scammers may promote fake investments, loans, pensions, savings products or even cheap insurance policies that do not genuinely exist.
One useful approach highlighted by the Central Bank is the SAFE test: Stop, Assess, Fact-check and Expose.
Stop and think before you act
If you receive an unexpected call, text message, email or online offer, take a moment before responding.
Ask yourself:
- Who is contacting me?
- What exactly are they offering?
- Where did they get my contact details?
- Am I being pressured to act quickly?
- Could this be a scam?
Fraudsters often try to create urgency so that people make decisions without having time to check whether an offer is genuine.
Assess the firm and the offer
Before dealing with a financial services provider, check whether the firm is authorised to provide the services it is offering.
However, it is important to remember that scammers can impersonate genuine businesses and copy the details of legitimate firms. A professional-looking website, familiar company name or convincing communication does not automatically mean that an offer is genuine.
If you are unsure, carry out additional checks and contact the genuine organisation using independently verified contact details rather than relying on information supplied in an unexpected message.
Fact-check before sharing information or sending money
Never provide personal or financial information, or send money, simply because someone contacts you claiming to represent a financial institution or other organisation.
Be particularly cautious about requests for:
- Bank account details
- Passwords or login information
- Credit or debit card details
- Personal identification information
- Your PPS number
- Upfront payments to secure a loan, investment or other financial product
The Central Bank of Ireland also reminds consumers that it will never contact them asking for money, personal data or their PPS number.
Be alert to fake insurance offers
Insurance scams can involve fraudsters advertising policies at prices that appear unusually attractive.
A scammer may use a professional-looking website or advertising to make a fake insurance offer appear genuine. Before purchasing insurance, take time to check who you are dealing with and whether the provider or intermediary is legitimate.
If an offer appears significantly cheaper than expected or seems too good to be true, it is worth carrying out further checks before making a payment or sharing personal information.
Watch out for phishing, smishing and vishing
Scammers commonly use fraudulent emails, text messages and phone calls to obtain sensitive information.
These scams are often referred to as:
- Phishing – fraudulent emails designed to obtain personal or financial information.
- Smishing – scam text messages designed to trick you into clicking a link or sharing information.
- Vishing – fraudulent phone calls or voice messages designed to obtain sensitive details.
A message may appear to come from a genuine organisation, such as a bank, Government body, delivery company or other trusted business.
If you receive an unexpected message asking you to click a link, provide information or act urgently, be cautious. Where possible, contact the organisation independently using contact details you have verified yourself.
Be careful when using comparison websites
Comparison websites can be useful, but scammers may create fake websites designed to collect personal and financial information.
Before entering your details online, take time to check that the website and business are genuine.
You should be particularly cautious if:
- The website is unfamiliar
- The offer seems unusually attractive
- You are asked for unnecessary personal information
- The website contains errors or inconsistencies
- You are contacted unexpectedly after submitting your details
What should you do if you think you have been targeted?
If you believe you have been contacted by a scammer, do not send money or provide further personal information.
The Central Bank encourages consumers to report suspected financial scams. Reporting suspicious activity can also help protect other consumers.
If you have already shared financial information or believe money may have been taken from your account, contact your bank or financial services provider as soon as possible.
Stay vigilant and take your time
Scammers rely on people acting quickly, trusting a familiar name or believing an offer without checking it first.
Taking a few minutes to stop, assess and fact-check an unexpected communication could help you avoid becoming a victim of financial fraud.
At Dooley Insurance Group, we encourage customers to be cautious when purchasing financial products online or responding to unexpected communications. If you are unsure about an insurance communication or offer, take the time to verify who you are dealing with before making a decision or payment.
For more information about our services, visit Dooley Insurance Group.
Source: Central Bank of Ireland consumer guidance, “Can you spot a scam artist?”
