Fake investment and crypto advisers: the call that promises big returns

Fake investment and crypto advisers: the call that promises big returns

It often starts with an ad on social media: a well-known Irish presenter or businessperson supposedly recommending an investment platform. You leave your number "for more information" and, a few hours later, a friendly, confident "account manager" rings. They talk about crypto, artificial intelligence, gold or shares, and they promise returns no bank can match. A few weeks later the money is gone. And then, as a final twist, someone else rings offering to get it back... for a fee. Investment scams can wipe out life savings, and the best protection is a check that takes two minutes.

How does the scam work?

1. The bait. A fake ad with a celebrity, a fake news article, or a cold call. Sometimes a stranger on WhatsApp or a dating app who "happens" to be doing very well with crypto.
2. The first, small investment. They ask for €250 or so "to get started". They help you open an account on a professional-looking platform and sometimes ask you to install a remote access app "to help you set it up".
3. The fake gains. The platform shows your balance rising. They may even let you withdraw a small amount to win your trust.
4. Pressure to invest more. "There's a unique opportunity", "the market is about to rise", "you need to reach the next level". Sometimes they push you to take out a loan or cash in savings or a pension.
5. The money can't be withdrawn. When you try, "taxes", "commissions" or "anti-money-laundering checks" appear and must be paid first. Eventually the account and the adviser disappear.

What is the recovery scam?

Once you've lost money, your details are worth gold to scammers. Someone contacts you claiming to be a solicitor, a "fund recovery" company, a regulator or even a police unit, offering to get your money back if you pay a fee upfront. It's the same fraud, second round. No legitimate body charges you in advance to recover stolen money, and the Central Bank won't ring you asking for payment.

What are the red flags?

• Guaranteed, high returns with "no risk".
• Unsolicited contact, by phone, WhatsApp or social media.
• Celebrity endorsements in ads: these are almost always fake.
• Pressure to decide quickly and to keep it from your family or your bank.
• Requests to install remote access software (AnyDesk, TeamViewer).
• Payments in crypto, or transfers to accounts in other people's names or in other countries.
• Fees you must pay to withdraw your own money.
• The firm isn't authorised, or appears on the Central Bank's warning list.

What do I do if they're calling me right now?

1. Hang up. You don't need to explain anything.
2. Don't give any personal or financial details and don't install anything.
3. Check the firm yourself. Search the Central Bank of Ireland registers to see whether it's authorised, and check the list of unauthorised firms the Central Bank has warned about. Be aware of "clone firms" that copy the name and details of a real, authorised company: contact the real firm through the details on the official register, not the ones the caller gives you.
4. Talk to someone you trust before you invest anything.
5. Report the number in the spam numbers directory.

What if I've already invested or paid?

1. Stop paying. No further fee will unlock your money.
2. Ring your bank on its official number: ask them to recall any recent transfers, block cards and watch for unusual payments. If you paid by card, ask about a chargeback.
3. If you installed a remote access program, uninstall it, disconnect the computer and change your passwords from another device.
4. Gather all the evidence: the platform's website, chats, emails, wallet addresses, transfer receipts.
5. Report it to An Garda Síochána at your local station. Serious fraud is investigated with the support of the Garda National Economic Crime Bureau.
6. Tell the Central Bank about the firm, so it can warn others.

If your bank refuses to refund you and you disagree, make a formal complaint to the bank first; after that, you can bring it to the Financial Services and Pensions Ombudsman (FSPO).

How do I avoid the second scam?

• Assume any contact offering to recover your money is a scam, especially if it comes soon after you were defrauded.
• Never pay upfront for "recovery", "legal fees" or "release of funds".
• Check anyone claiming to be a solicitor or firm through official registers and contact details you find yourself.
• Don't send ID documents to people who contact you out of the blue.

Frequently asked questions

Is all crypto investment a scam? No, but crypto is high-risk and a favourite of scammers because payments are hard to trace and recover. The CCPC's guide to investment scams explains the warning signs.

The platform showed my balance growing. Isn't that proof? No. The numbers on a fake platform are whatever the scammers want them to be. The only proof is being able to withdraw your money freely.

A celebrity recommended it in an ad. Why would they lie? They didn't: their image was used without permission. Fake celebrity endorsements are one of the most common hooks.

Can I get my money back? It depends on how you paid and how quickly you act. Card payments and recent transfers sometimes can be recovered; crypto rarely can. Report it either way.

In short

Unsolicited calls promising high, safe returns are a warning in themselves. Hang up, check the firm on the Central Bank's registers and warning list, and never pay a fee to withdraw your money or to "recover" it. If you've already paid, ring your bank and report it to the Gardaí. And report the number in the NoCall spam numbers directory.