From smishing to fake websites: Here's how to spot a scam

Last year these criminals stole nearly €85 million from us in Ireland through frauds and scams. This is a jump of nearly 9% on the previous year, according to the Banking and Payments Federation Ireland (BPFI).

Recent research by telecoms regulator ComReg found that in 2022 alone in Ireland there were around 365,000 cases of fraud as a result of scam calls and texts. This is the same as 1,000 cases a day. In addition to personal attacks more than 5,000 businesses were the victims of fraud last year.

The BPFI is warning consumers to be on especially high alert as text message fraud, known as smishing, is now more and more commonplace. They said this type of fraud is the dominant channel for fraud attempts, with one in two adults having received a fraudulent text message in the last 12 months. These text messages often include a link and a sense of urgency requiring immediate action.

Head of Financial Crime at the BPFI, Niamh Davenport said that the truth is any of us can fall victim to fraudsters.

“Frauds and scams are becoming increasingly more complex and credible and are often undertaken by criminal gangs who run large-scale operations. Banks are using a range of measures such as encryption and continuous fraud monitoring to protect their customers and ensure everyday payments can be made securely, but fraudsters are increasingly targeting businesses and consumers directly through online channels including emails and social media or by phone, so it is important for us all to know how to protect ourselves.” 

Firstly Ms Davenport said that if you receive a text asking you for personal or financial information, whether it's purporting to be from your bank, eFlow, the HSE, parcel delivery services or any other company, do not to click on the link, especially if there is a sense of urgency to it.

“Pause for thought and if in any doubt contact the company independently. Don’t be afraid to ask for help if something goes wrong. Sometimes people who have given their bank details to a fraudster keep that fact to themselves out of embarrassment. If you have shared your bank details and realise that it is a scam, report it to your bank and the Gardaí as soon as possible.” She points out that a bank will never text, email or phone you looking for personal information.

We task banks with the job of looking after our money. Our wages are paid into our bank and we expect the money to be safe there. It is for that reason that banks are investing millions trying to tackle fraud and educate us in keeping our money safe.

Revolut recently announced the launch of a new free course which they say they are running to help educate people about scams. According to a study by Revolut two-thirds of consumers in Ireland have seen a rise in online fraud and scams in the past 12 months, with 46% admitting to personally experiencing fraud. The type of fraud includes text messages, phone calls and fake adverts on social media sites. Also, they said that people reported fraud from dating apps and websites.

Head of Fraud and Financial Crime at Revolut, Aaron Elliott-Gross said customers also play a vital role in protecting themselves from scams and the course aims to help them spot a scam when they might be experiencing one.

According to Tom Mullen of the AIB Fraud Prevention Team, criminals are always finding smarter ways to trick you out of your money.

“Criminals set up dummy websites to advertise an investment opportunity that looks too good to miss. They promise high-interest rates, high returns on your investment, and the latest crypto opportunity, using genuine company names and products in the scams.” 

He said that you should get a second opinion from someone you trust before agreeing to anything. He also said that if you are unsure about a website you are buying from you should check out the goods or services first by searching for the brand’s website to see if they are having a sale. 

There should be a closed padlock symbol in the brand’s web address which should start with HTTPS:// rather than HTTP. The Trustpilot website is also a good source for discovering scam websites.

He also points out that if someone pretending to be a bank employee calls you or texts you about a problem with your account and they say they want you to move money to a safe account then you should hang up as the bank will never ask you to move your money.

Banks here in Ireland have huge teams of people working to try and combat fraudulent activity. They have introduced additional security measures over the last few years such as one-time passcodes or additional verification. Although this can sometimes be frustrating and slow down your process, they are in place to protect you and your money. 

Banks are constantly offering advice on what to do if you feel you have been targeted but the general advice is to take your time considering the communications and consult with your bank if you are in doubt. Don’t rush into doing anything when it comes to your money. Despite all these measures, however, fraudsters won’t stop in their attempts to rob you.

What can be scary is that fraudsters may already have basic information about you in their possession like your name, address and account details when they call you. Experts, however, say that you should not assume a caller is genuine because they have these details or because they claim to represent an organisation you deal with.

Another tip comes from Visa on how to spot fraudsters. They say that consumers should watch the language that is used and keep an eye out for bad spelling and grammar. They also add that fraudsters will use persuasive language and use words like ‘click here’ and ‘account information’. They will generally ask you to solve a problem too so watch out for that.

Also, there may be a focus right now on card fraud and cash may not be as popular for paying for things anymore but we should still be aware of counterfeit notes.

According to the experts at FraudSmart, there are many security features incorporated into banknotes that make them difficult to recreate. They said there is a three-step security check we should remember called the “ Feel-Look-Tilt” test.

Some of these signs include that the note should feel crisp and firm, look for watermarks and the holographic stripe or patch will change images and colours if it is genuine.