Gardai warn public to be wary of cryptocurrencies after 70% increase in investment fraud

An Garda Síochána is advising the public to be extra vigilant of possible fraud when investigating in cryptocurrencies. 

At present, most investment fraud involves cryptocurrency with fake investment managers, cloned websites or unregulated companies promising life-changing opportunities with quick returns. 

According to Gardai, a 67% increase in investment fraud was reported in 2021 compared to the previous year, amounting to €12.4 million. 

More than half of investment fraud victims are aged over 55, 63% of whom are male. 

Official advice from Gardai includes the reminder that victims are ordinary people, and if the offer sounds too good to be true then it probably is. 

Members of the public are encouraged to do homework before making any investments, and to be wary of download links which may allow criminals to access computers and empty bank accounts.

Criminals are making the most of online opportunities such as social media adverts to target more victims, particularly at a time when the cost of living is on the rise.