Investment Scam – Fake Crypto & Forex
CriticalOverview
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"
Real Example
“A Limerick man saw a Facebook ad featuring a fake interview with Ryan Tubridy endorsing a Bitcoin platform. He invested €250 and saw it "grow" to €1,100 on the fake dashboard. Encouraged, he invested his €45,000 savings. When he tried to withdraw, he was told he needed to pay "tax" of €9,000 first. He lost everything.”
* Details changed to protect privacy. Based on reported cases.
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
- 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
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