Financial scams are on the rise and are more common in recent years than ever before. Scammers are now using more sophisticated methods to trick individuals and rob their hard-earned money and personal data. There are several types of scams circulating in Ireland today. According to the Central Bank of Ireland (2024), the most common type of scams are:

1. Investment Scams: These scams can occur when you are offered an “Investment Opportunity” promising a high interest return rate from your money that involves little risk.

2. Loan Scams: Loan scams are a type of “advance fee fraud” where scammers promise you a loan but require you to pay an upfront fee or administrative charge before receiving the funds.

3. Phishing Scams: Phishing is when scammers use emails, text messages or phone calls to trick you into giving them your personal information.

How to protect yourself from a fraudulent:

If you receive an unsolicited email, text message, phone call- or pop-up box online then we recommend taking the SAFE test first to protect yourself from these fraudsters (Central Bank of Ireland, 2024).

The SAFE test includes the following:

• S- STOP: stop think and ask yourself could this be a scam- Who? What? Why?
• A-Assess: Evaluate the information provided carefully and verify that the company is legitimate.
• F-Fact Check: It’s important to fact-check the offer and ensure it is from a trusted source.
• E-Expose and Report: Report the fraudster to the Central Bank or An Garda Síochána.

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