“While the amounts may seem high it’s important to point out that the victims are not necessarily wealthy customers, but often people on low to average incomes who have worked hard all their lives to build up a pension and are at a stage where they are looking for a last opportunity to top up their finances ahead of retirement,” Ms Davenport said. “In one reported incident an older customer was about to invest €60,000 from their pension into what appeared to be a legitimate scheme.
She said that the fraudsters often hide behind product comparison websites that appear to be legitimate. Some victims have been also been approached by cold callers or through unsolicited emails, texts and social media messages. The BPFI is asking consumers to be wary of anyone cold-calling them about an investment opportunity, particularly if there is a promise of a quick return with little or no riskIn general, cold-calls about an investment opportunity are also a “red flag”, the industry body said.
“I think we would all like to believe that we would recognise a scam if we saw it, but the truth is any of us can fall victim to fraudsters if we’re not on the alert,” said Ms Davenport.
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