Central Bank launches new campaign to help consumers avoid scams

The Central Bank of Ireland has today (20 November) launched a new campaign to help consumers avoid scams. 

Speaking on the launch, Deputy Governor Derville Rowland said: “It’s an unfortunate fact of life that scammers are getting better and more convincing all the time.  So, if you get an email or a message on your phone that’s offering you an investment or a loan, or asking you for your personal information, we’re asking you to stop for a minute and spot the scam artist.

 “No legitimate firm will contact you out of the blue and put you under pressure to invest your money.  Nor will they ask for a fee to process a loan application, or ask you to click a link in a text message and provide them with your financial details. 

 “We have seen some very realistic scam investments, using real firms’ details and logos, even the names of their staff.  These have duped genuine people who were seeking the best place to invest significant amounts of money.  We would ask that you always check www.centralbank.ie/scams for tips on how to verify that you’re dealing with a legitimate firm.”

 Detective Superintendent Michael Cryan from the Garda National Economic Crime Bureau said: “Always protect your personal data. Don’t click on links and be wary of social media offers and unsolicited calls. Take your time, do your research, and don’t feel pressured into making a decision. Seek advice from a reliable source. If something sounds too good to be true, then unfortunately, it probably is.”

The Central Bank has created the ‘SAFE’ test, which gives consumers four practical steps to take when considering buying a financial product or dealing with a firm through a website, social media, an unsolicited phone call, email, text or pop up message.  The test says:

1. Stop. Think and ask yourself challenging questions about what you are being offered
2. Assess. Make sure the firm is legitimate
3. Factcheck. Seek advice to ensure that the product or service is legitimate
4. Expose and report. If you have any concerns, contact the Central Bank.

The Central Bank provides information on how to avoid scams at www.centralbank.ie/scams and consumers can call us on 0818 681 681 or report or query an unauthorised firm online here.