Bank of Ireland has warned of a wave of fraudulent investment adverts currently circulating on Facebook and Instagram.

Multiple such adverts promoting fake bonds from European banks have been posted on the Meta-owned platforms.

The posts offer fake deposit and bond investment products and are notable for their convincing appearance and professional language, promising higher than average returns on fixed-term investments.

Once a customer clicks on the ad and submits their details via an online form, they are then targeted with a range of supporting materials and follow-up phone calls from a fraudster posing as an investment manager.

Many of the investment opportunities offer fixed term returns, meaning there will be an expected surge in reporting of these fraud case in six or 12 months when people discover the fake investment company no longer exists. 

The banks said that 24 similar ads using the tactic have been seen by almost 43,000 users across the EU.

“We are seeing a wave of fake investment ads on social media which offer guaranteed high returns on European investment products, with little or no risk.

Nicola Sadlier, head of fraud at Bank of Ireland, said the adverts are "particularly concerning" as they look more professional compared to the more obvious fraudulent ads for trading platforms or crypto investments.

“The growth in investment fraud is one of the most concerning trends we are seeing.  The level of highly personalised targeting of consumers continues to grow year on year, and everyone needs to be on their guard," she continued.

"We are urging consumers to ignore any unsolicited investment offers online, and always verify financial products through their bank or trusted financial advisor.

"Make sure that the investment firm is regulated by checking the Central Bank of Ireland register (ROI). If a firm is not listed, do not invest. We also recommend to check for published warning notices.

“Bank of Ireland offers a 24/7 fraud telephone support for customers on 1800 946 764, available every day of the year. We encourage our customers to put this number in their phone so they have easy access to it if they ever need it.”

(Pic: Timon Schneider/SOPA Images/LightRocket via Getty Images)