Chapter 1: What types of scams are targeting people over 50?
First this morning, people planning their retirement are being targeted by online AI scammers. Fake online adverts draw over 50s in by promoting bogus state-backed investment schemes. These ads often feature altered images or videos of high-profile politicians and business people.
Figures from on Gardashia Corner show reports of investment fraud rose by more than 20% last year, with losses exceeding €20 million. For more on this, I'm joined by Niamh Davenport, Head of Financial Crime with the Banking and Payments Federation of Ireland. Niamh, good morning to you.
Chapter 2: How do AI-generated ads lure in potential victims?
Good morning, how are you?
Very well, thanks. Can you explain to us what these ads look like when people come across them?
Yeah, as you mentioned there, they're AI-generated online adverts across social media mainly. They feature fake images and videos of well-known politicians and business people. Now, most of these scams tend to follow the same pattern. Consumers click on a link for more information.
They're encouraged to register, filling in a short form with their contact details, and then they might receive a call, say, from a financial advisor. They claim the scheme is open to everyone. The places are limited, for example, and they're being snapped up fast. This is all done to create a sense of urgency and pressure and to get you to act quickly.
The other thing we've noticed with them is they, as well, they kind of typically offer guaranteed returns or monthly income. As you said there as well, open to all ages, but recent trends really show that many victims are in their early 50s. And really the reason for this is at this stage of our lives, you know, we're actively managing savings or making longer term financial plans for retirement.
So that's why that age group in particular are vulnerable to this.
And they're asking, as you say, they're putting pressure on people to basically hand over money to invest in what are supposedly good schemes.
Exactly. So the schemes, they look legitimate. The videos are very good. We know AI is excellent these days and fraudsters are using that to their advantage.
Right. Now, I mentioned 20 million euro in the introduction. Do we have any idea of what an individual might be losing here?
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Chapter 3: What are the common patterns of these investment scams?
These are not. These are professional people doing these.
And if they're not obvious, I mean, oftentimes when we hear about scams, if it seems too good to be true, it probably is. But these aren't sort of offering you wild returns on your money, are they?
No. Yeah, fraudsters have moved on from these kind of ideas of wild returns or too good to be true adverts. So really anything that's on an online advert with videos, avoid clicking on links. The best piece of advice is to just take your time, pause, do your research. We have a tool on FraudSmart website called ScamChecker.
You can actually input websites into that and you can help us verify the legitimacy of them. So use all the advice there, loads of other advice on FraudSmart as well. use that advice and take your time and just research thoroughly. And if you really want to go ahead with it, try seek trusted advice before you make any payments.
Right. What about the platforms, Niamh, that are delivering these scam ads to consumers? Is there more they could be doing?
Yeah, online platforms have a really important role to play alongside banks as well, regulators, law enforcement, government. Collaborative approach is really important in tackling fraud. And that's been supported through the National Cross-Sector Anti-Fraud Forum. This was established a couple of years ago under the National Payment Strategy.
And really, we need a coordinated approach to combating fraud because fraudsters don't work in silos, so we shouldn't either. Fraudsters are continually adapting. They're finding new ways to evolve. So it goes across all platforms. telcos as well, government. As I said, we all need to work together to combat this.
Okay, but the warning is be wary of anything you see online and check it out, not once but twice, maybe even three times before you put any money into it. Okay, Niamh Davenport, Head of Financial Crime with the Banking and Payments Federation Ireland. Thank you very much indeed for joining us this morning.
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