AIB has warned customers to be on the lookout for fraud over the Christmas period.
The bank has compiled a Christmas list of the top five most common fraud methods they’ve seen in 2024.
And they issued a warning to businesses to be wary as they say fraudsters are posing as customers or suppliers.
- Text message fraud
Fraudulent text messages claiming to be from reputable banks, delivery or utility companies are by far the most common type of fraud, with 94% of all cases between January and October 2024 ‘smishing’ related.
The bank has advised customers to "take a moment and ask yourself does this seem legitimate? Don’t click the link in the text message or share your personal or financial information."
Often these messages are followed by a phone call claiming to be AIB, sometimes even using their actual phone number.
The bank says customers need to "end the call immediately. We will never call you and request security codes sent by text message, push message or from your card reader.
"We will never send a taxi or courier to collect your physical card, PIN or any security details. We will never ask you to provide a selfie through our mobile app after receiving a call or text message."
- Phone call fraud
Fraudsters often use phone calls to get your personal and financial information for their own financial gain.
They may pretend to be from a legitimate company and may even display a genuine phone number. Common tricks used on these calls include offering to fix an issue with your broadband or offering a refund.
They may try to take control of your device. Never download software or apps that they suggest onto your computer or mobile phone as this will allow fraudsters access to your information.
The bank advises customers to "end any unexpected calls. Call the genuine company back on a known and trusted number to verify the call."
- Investment fraud
Investment frauds and scams are on the rise, with criminals using social media to advertise highly profitable investments. These ads often use advanced technology to appear legitimate.
AIB say customers need to ask themselves "is this too good to be true? Such high return investments are usually not genuine.
"Before investing your money take some time to research the provider, verify their existence, and that they are regulated and always seek independent financial advice."
- Purchase scams
Online shopping is convenient and popular, especially at Christmas time, but criminals can clone genuine websites to offer fake discounts to target unsuspecting customers.
This can happen with any site, including clothing, homewares, or heavy goods vehicles such as diggers, campervans and boats. These cloned sites often look and feel genuine.
When shopping online, particularly at busy times like Christmas and the New Year sales, check for a padlock symbol in the address bar, research the site for negative reviews, and verify contact details.
Avoid direct bank transfers.
Again the bank ask customers to ask themselves, "is this price too good to be true?"
- Money mules
Being a money mule is a criminal offence.
Criminals use other people’s accounts to transfer stolen money to conceal their crime. They can trick anyone into using their accounts.
Without access to your account, criminals will not be successful.
They may approach you online, in person, on social media or through fake job adverts asking to move money through your accounts or to open a bank account in your name for them.
They may even offer you some money as payment.
This use of your account, even if you don’t know where the money has come from or is going to, means you are becoming a money mule. This may result in your bank account being closed or a criminal conviction for money laundering.
Parents should also be aware that teenagers and young adults are often targeted by criminals, with the promise of quick cash so sharing this information with family members can also be helpful.
AIB is also urging businesses to exercise caution as a number of scams are in circulation.
Fraudsters are currently targeting businesses using impersonation tactics and can claim to be your customer or supplier.
Victims may receive an unexpected credit into their account, which will be followed up by a phone call or email.
The caller or sender of the email will claim to be their customer and advise the payment they have received, was made in error.
They will request that you transfer the funds back to them but will provide a different IBAN number.
The bank has warned customers not to act on these payment requests as your customer may also be a victim of fraud.
"Verify all payment requests on a known and trusted contact number. Do not use the contact details contained in an email or email attachment," AIB advises.
AIB’s head of Financial Crime, Mary McHale said: “As the festive season gets well underway, we know fraudsters will be hoping to take advantage of people as they relax and take some time off with friends and family.
"We are urging people not to let their guard down and to remain vigilant, especially over Christmas and the New Year when many of us will be shopping online.
"AIB will never ask customers to log into a website or phone a number contained in a text message.
"We urge customers to end any conversation where someone is purporting to be from their bank and is requesting security details including security codes, one time pass codes, or even to supply images of their face.
"Where customers have been scammed, we will deal sympathetically with them on a case-by-case basis.
"At AIB, we have a strong record in protecting our customers from fraud and we are continuously investing to enhance our fraud monitoring systems in response to new and existing fraud trends, and to educate our customers via online messaging, emails, and targeted social media alerts.
"We also work closely with industry stakeholders including telecommunications companies, the Banking and Payments Federation of Ireland (BPFI), and the Gardaí to detect and report fraud trends, as it’s only by communicating and coordinating across the whole of society that together we can be effective in combating these criminals.”
