In advance of International Fraud Awareness Week, research commissioned by Bank of Ireland has shown that 90% of the population believe fraud is a big problem in Irish society, with fake online purchase scams being the most common way for consumers to lose money.
One third of those surveyed said they had been targeted by a fraudulent advert on a social media platform. When these respondents were asked to identify the platform, 65% identified Facebook, 28% identified Instagram, with X at 13%, TikTok at 11%, and Snapchat at 4%.
In addition, almost half (47%) of citizens aged 18+ have seen adverts for investments or crypto currency on a social media platform featuring a well-known personality, politician or musician. The impersonation of well-known people and media organisations is a tactic used regularly in fraudulent ads to trick consumers into fake crypto investments, bond purchases, or savings products.
This can include impersonation of individuals such as President Michael D. Higgins, An Taoiseach Simon Harris, An Tánaiste Micheal Martin, former Taoiseach Leo Varadkar, Denis O’Brien, Dáithí Ó Sé, Brian Dowling and Tommy Tiernan. Adverts can also include links to fake websites impersonating RTE, the Irish Independent, Forbes, The Irish News, BBC News, the Irish Mirror, and many others.
Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Fraudulent adverts are a blight on social media platforms. These adverts are all about one thing – the theft of money from consumers and businesses by criminals. They cause harm to people, the financial services system, and the economy.
“Much more needs to be done. One common sense step would be to ensure that online platforms check that adverts are from companies that are regulated to sell financial products and services. The current approach, which is allowing fraudsters run fake ads that impersonate celebrities, politicians, and legitimate media organisations – all with the aim of stealing money – is clearly broken.
“That’s why Bank of Ireland is calling for legislative change at European Union level so that online platforms will have to verify that advertisers of financial services are regulated to sell those services.”
Findings from the Red C poll among the Irish general public include:
- Fake advertisements were most commonly seen on Facebook and Instagram followed by Twitter/X (13%), TikTok (11%) and Snapchat (4%).
- The majority of people (66%) report fraud to their bank, followed by the Gardai (17%)
- When asked to select all parties they believe responsible for protecting people from fraud in Ireland 66% selected Banks and Financial Services companies, along with the Gardai (51%), mobile phone (39%) and social media companies (39%). 60% of the population believe they themselves have a role.
The research was conducted as part of an ongoing campaign to raise awareness among Bank of Ireland customers and the general public around the danger of fraud to their personal finances and how to safeguard against the main causes of fraud. International Fraud Awareness Week runs from Monday 18 November, with a series of communications planned by Bank of Ireland to further raise awareness among the general public around fraud protection.