From Heartbreak to Bank Break Romance Fraud Tops €7m

Summer is over, routines are back, and for many, that means a return to the world of online dating. But with swipes and matches comes a growing risk: romance fraud.

Fraudsters are no longer just hiding behind stock images or stolen selfies. Increasingly, they’re using slick digital tricks from manipulated images to eerily convincing videos and even cloned voices to make themselves appear real. The aim is simple: build trust, exploit emotions, and walk away with hard-earned money.

According to Garda figures, 245 people have reported romance fraud since 2020, with average losses of approximately €28,500, adding up to well over €7 million stolen in total. In some of the most extreme cases, a woman lost over €450,000 across 18 separate transactions, while a man was defrauded of more than €380,000.

“Romance scams are different from other types of fraud because they’re built on emotional manipulation,” says George Foley of ESET Ireland. “People don’t just lose money; they lose trust, dignity, and often confidence in their relationships. The technology criminals are now using makes these scams even harder to spot, which is why awareness is vital.”

He explains that many victims only realise what has happened when it is far too late, because the scams are designed to feel real and to build trust over time. With more people expected to turn back to dating apps this autumn, he warns that the risk is only going to grow.

For more information, visit www.eset.ie

BOI Fraud Alert: Bank of Ireland warns about false articles online

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.

The articles appear like news articles from genuine media outlets, but are false advertisements that fraudsters are paying for online. The advertisements feature fabricated news stories with claims about specific cryptocurrency trading platforms or designed to entice readers to websites where they can then be defrauded. The false articles/advertisements generally feature a well-known personality or celebrity, combined with a controversial headline to grab attention.

Nicola Sadlier, Head of Fraud at Bank of Ireland said“Fraudulent advertisements are increasingly appearing online and on social media channels and are designed to steal consumers’ money through fake financial products, investments or cryptocurrency schemes. We see more and more fraud attacks starting from social media and tech platforms – these fake ads should be caught before they are published online, but many are not.

“Unfortunately, supervision of this is very inconsistent, at times it’s like a game of whack-a-mole trying to report the different scams to the social media companies and get them taken down. It’s unacceptable to see fraudsters operating so openly on social media. No company should be generating advertising revenue from criminals – social platforms really need to step up and crack down.

“Our advice to consumers is: Don’t click on these adverts, ignore them completely, and if an investment sounds too good to be true, it’s probably fraud.”

 

Examples of recent scam articles featuring Bank of Ireland:

For more advice and information on fraud, visit boi.com/security or www.fraudsmart.ie