The Bank of Ireland has issued a cautionary note to consumers about a newly emerging type of scam, where victims are enticed by ads on digital platforms to pay for goods and services that ultimately turn out to be non-existent. Over the past year, the Bank of Ireland notes a 32% surge in reported instances of these scams.
Fraudsters commonly entrap customers by advertising goods, ranging from affordable items such as clothing and trainers to more substantial purchases like holiday home deposits or vehicles, at appealingly reduced prices or as great deals. These scams require the customers to directly transfer money from their account to another, a payment method that falls short of offering adequate protection. Once the transaction is made, the scammer typically ceases all communication and the goods or services never materialise.
“Online and social media platforms are swarming with these fraudulent advertisements, despite frequent warnings,” warns Nicola Sadlier, Bank of Ireland’s Head of Fraud. She adds, “The traction of this unsettling trend is not diminishing, despite heightened public awareness and continuous insistence on the removal of such ads by both websites and search engines. Ideally, these phony ads should be intercepted before they are even published online, yet many circumvent this.”
She emphasised that it was completely inappropriate for these scams to take place so flagrantly via online ads. “No firm should profit from criminal activities – it’s time websites, search engines, and social media companies clamp down,” she stated.
The Bank of Ireland urged its customers to remain vigilant of these dubious ads, reminding them of the old adage – if something seems too good to be true, it likely is a scam. Customers are advised to be on guard for signs of fraudulent ads such as poor grammar, spelling errors, or sketchy product descriptions. It is recommended to directly input the URL of known online retail sites into a browser.
Any unsolicited email or social media links should be avoided, and consumers should ensure payments are made via secure channels, including credit or debit cards, or the authorised payment method suggested by trustworthy online retailers and auction sites. For substantial purchases, it’s essential to inspect the item in person before proceeding with full payment.