Other frauds


Find out about the latest frauds and scams, how they work, and how you can avoid them.

Other Fraud

Money Mules and Job Vacancies

Criminals will advertise “Job vacancies” on the internet. Usually you will need no experience and the only requirement will be that you hold a Bank Account. Once recruited, you the “Money Mule” will be duped into receiving stolen funds into their account. A request will then be received to forward the funds less a commission, usually overseas, using a wire transfer service.

  • If a job sounds too good to be true then it probably is.
  • Always research the job and ensure that the business is legitimate.
  • If someone online asks you to move money through your bank account in exchange for cash, they are asking you to be a "Money Mule".

Warning: Being a 'Money Mule' is a criminal offence under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and it can carry up to 14 years imprisonment.

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Share Fraud

Investors should be vigilant to potential scams targeted at shareholders in Irish and other public companies. They generally offer a high yield on investments such as crypto currencies or other shares.

How share frauds/scams operate

These frauds, commonly referred to as “boiler room scams”, are operated by individuals and companies who contact investors unexpectedly and offer to buy their shares at prices higher than the market value. They can obtain investor information, such as address and shareholding details, by accessing shareholder lists which are required by Irish Company law to be made available. While “cold-calling” by telephone is the most common form of contact, they may also use email, post, face-to-face contact or approach investors at seminars.

Other cases involve individual’s cold-calling the victims offering shares in a company.  Again contact may also be made using email, post, or in person but once established present similar features using high pressure sales tactics pressurising investors into making a quick decision or else miss out on a deal which promises a large return on their investment. The offer to purchase shares will likely come with a request for bank details or money up front as a bond or other form of security, which will be accompanied by a guarantee to pay back the money involved if the sale does not go ahead. This advance fee is part of the scam, investors are unlikely to hear from them again.

However be aware that the people behind the scams will also share or sell on their contact lists to other fraudsters. This can lead to you becoming a future target of other related scams.

What to do if you’re contacted
  • Remain vigilant – if it sounds too good to be true, it probably is!
  • Take a note of the name of the person and organisation that has contacted you.
  • Do not respond to high pressure tactics to provide bank details or arrange to transfer money if you are unsure of the bona fide nature of the caller.
  • Check if the company or individual is appropriately authorised to operate as an investment firm in Ireland by the Central Bank of Ireland. The list of authorised investment firms is available on the following website:centralbank.ie/
  • Any person wishing to contact the Central Bank of Ireland with information regarding such firms may telephone (01) 224 4000. This line is also available to the public to check if an investment firm is authorised. A list of all warning notices issued to date on unauthorised investment firms is available on the website: centralbank.ie

Obtain independent advice from a qualified advisor or stockbroker

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Fake Delivery Services Invoices

Criminals will email fake invoices and delivery notifications appearing to come from legitimate courier companies. The emails will indicate that they were unable to deliver a package to your address and of course ask you to confirm your address and provide credit card details to pay for delivery or a re-delivery.

Fake Goods

If the offer looks too good to be true it probably is. Beware of imitation goods for sale, most are substandard, many are dangerous and in some cases lethal. Be especially careful when buying computers good such as laptops etc. In some cases they have come "preloaded" with malware. There are also lots of fake auctions and classified ad sites. Make sure you are dealing with a genuine business. NEVER sign a blank cheque in advance

Cheque fraud

Criminals write false cheques from your chequebook or intercept cheques which you have written and alter them. Fraudsters have also been known to use old unused chequebooks which you have discarded, or get access to cheques which you have signed in advance.

419 Fraud/Spanish Lottery Fraud

Criminals will promise a large sum of money but one which will require funds. A person will typically receive a letter or an email that promises an "invoice," "lottery prize," or "bequest." But only if they send “taxes” or “administration fees” first. The person will never receive the money they were promised.

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Loan Scams/Advance Fee Fraud

Criminals set up websites offering unsecured loans. Generally they claim that the application will be processed quickly. Applicants can be required to:-

  • Provide online Banking details
  • Asked to send some money to the “lender” in advance of a loan issuing to show that you have the ability to meet loan repayments.
  • Asked to make a payment for Personal Protection Insurance on the loan.

NEVER apply to a company/lender that is not authorised by The Central Bank Of Ireland.
ALWAYS check the register of authorised firms on The Central Bank webpage.

In some instances the details of an authorised firm are cloned and criminals purport to be either that entity or an associated entity.

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Crypto currency/Bitcoin scams

Customers should be aware of crypto currency/Bitcoin investment scams. These are generally "get rich quick" scams where victims are lured into making investments via cold calls, pop-up advertisements and cloned websites. Many of these websites and advertisements look genuine and promise big returns on the investments.

Many of these scams start out with a small investment such as, €250.00. However, this will escalate and pressure put on the investor to invest more substantial sums of money.

The criminals involved in this activity are very convincing and there will be a sense of urgency and calls to action so as to "not lose out on a great deal".

We urge all consumers to seek professional advice before making any investment decision. Make an appointment to speak with one of our Financial Advisors today. Call us on 1850 356 300, we'll be happy to answer any questions you have about investment opportunities with permanent tsb. In addition you can check the Central Bank listing of Authorised Firms together with warnings on the Risks of Virtual Currencies

Under no circumstances should you provide any third party with access to your online banking or your device.

If you have been effected by one of these scams please contact us as soon as possible on +353 (1) 6695851. Further information on investment scams and other fraud types can be found on the FraudSMART website.

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