Investment Scam – Fake Crypto & Forex
CriticalGot a message, call or offer like this?
Take your time. Treat it as a scam until you have checked it yourself.
- Don't tap links, reply, or ring numbers it gives you. On a call, hang up.
- Don't pay, and don't share card details, PINs, passwords or codes.
- Check with whoever it claims to be, using contact details you find yourself.
Overview
Scammers lure Irish users into fake cryptocurrency or forex investment schemes by promising high returns and showing fake dashboards. Victims are encouraged to invest more and more, but when they try to withdraw, they discover it was all fake. These scams often steal victims' entire savings.
Typical Targets
- •People interested in cryptocurrency
- •Those seeking better returns than banks offer
- •Social media users who see "success story" ads
- •Anyone contacted by "investment advisors" online
Why This Scam Works
- •Promise of high returns in a low-interest environment
- •Professional-looking fake trading platforms
- •Initial small "profits" build trust
- •"Advisors" build personal relationships
- •Celebrity endorsement ads (fake)
- •Pressure to invest more before "opportunity closes"
Example
An illustration of how it goes, not a reported case. Someone sees a Facebook ad with a fake interview in which a well-known Irish public figure appears to endorse a Bitcoin platform. They invest €250 and watch it "grow" to €1,100 on the fake dashboard. Encouraged, they put in their €45,000 savings. When they try to withdraw, they are told to pay "tax" of €9,000 first. They lose everything.
* An illustration of how this scam works, not from a victim case we hold.
How to Avoid This Scam
- If it sounds too good to be true, it is
- Check if the firm is authorised by the Central Bank of Ireland
- Celebrity endorsements in ads are almost always fake
- Never invest based on social media ads
- Be suspicious of unsolicited investment offers
- Legitimate investments don't guarantee returns
- Research extensively before investing anywhere
If You've Been Caught Out
Don't panic – take these steps immediately:
- 1Stop all communication with the scammers immediately
- 2Don't send more money for "fees" or "taxes" to release funds
- 3Report to An Garda Síochána
- 4Report to the Central Bank of Ireland
- 5Contact your bank about any transactions
- 6Beware of "recovery scams" – people claiming to get your money back for a fee. How the second approach works, and why they know about your loss
- 7Seek support – these scams can be emotionally devastating
* This information is for guidance only. Always seek professional advice for your specific situation.
Who to Contact for Help
Central Bank of Ireland
01 224 6000
Check firm authorisation
An Garda Síochána
Local station
Report the fraud
FraudSMART
fraudsmart.ie
Information and support
MABS
0818 07 2000
Financial advice if in difficulty
New scams, as they appear
New scam warnings and safety tips, as we publish them.