Central Bank of Ireland launches consumer campaign warning of evolving scams including fake comparison sites and AI deepfake investment fraud

The Central Bank of Ireland has launched a consumer awareness campaign warning that fraud techniques are changing and becoming harder to detect, particularly on social media and other digital channels. The campaign focuses on how scammers are adapting their approaches to target users of regulated financial services. The Bank highlighted lesser-known tactics including fake comparison websites used to harvest personal information before offering fake products or services, and “fraud recovery” schemes that demand upfront fees from victims in return for promises to recover lost funds. It also noted increased use of artificial intelligence to create realistic social media ads and impersonation profiles (“deepfakes”) promoting fake investment platforms or “trading mentorship” groups, sometimes leading victims to transfer funds and install software that gives scammers further access to sensitive information. The Bank also observed a shift in investment scam messaging away from highly unrealistic promises to offers framed as returns just above market norms. Consumers are advised to use reputable comparison sites and independently verify offers, scrutinise ads and profiles and check sources before sharing data or transferring money, ignore unsolicited recovery approaches, and never pay fees to recover funds. The Bank also promoted a “SAFE” test (Stop, Assess, Factcheck, Expose) and encouraged reporting scams to the Central Bank of Ireland or An Garda Síochána.