Today we are covering a particularly important trend – financial scamming. This article focuses on you, and your personal finance and highlights the critical issue of protecting your money from scammers.
In Ireland, as in many parts of the world, financial scams have become increasingly sophisticated and prevalent. Protecting personal finances from scammers is a critical concern for individuals. Awareness is the first line of defence; understanding the common tactics used by scammers, such as phishing emails, fake websites, and fraudulent phone calls, can help individuals remain vigilant.
It’s also essential to keep personal information secure, be cautious when sharing sensitive details online or over the phone, and regularly review bank statements for any unauthorized transactions.
Additionally, using strong, unique passwords for online banking and other financial services, and enabling two-factor authentication where available, can significantly enhance security.

MONEY MULES
None of us ever think we will be a victim to fraud. However, it is more common than you think with the latest figures from the BPFI indicating that victims were conned out of a total of €8.6m euro during the first half of 2023.
Let’s have a look at the most common scams that are targeting young people, money Mules.
A Money Mule is a person recruited by criminals to help in transferring stolen or fraudulently obtained money from bank accounts. Don’t be a mule.
What may seem like an effortless way to make money, often has grave consequences. Criminals typically target young people through tactics such as a fake job advert. Common job titles include “Financial Manager” or “Payments Clerk”, with no experience needed other than having a bank account.
Other common ways of targeting young people are through social media posts, messages or even in person. These criminals will offer you money or an expensive gift to “mind” a certain amount of money in your personal bank account. This is Money Laundering.
If you are caught acting as a money mule, even if you didn’t realise you were being used as a mule, you can face a prison sentence, a fine, community service and being banned from opening a bank account in the future.

TOP TIPS

• Never give your bank details to anyone you don’t know or trust.
• Never mind money for anyone even if you already know them.
• If you think you are involved in Money Muling, contact your bank and the Gardaí immediately.
• If it is too good to be true, it is not true.

TICKET SCAMS
Another popular scam that typically targets young people is ticket scams. It is important to be aware of the signs that someone is trying to scam you with a fake ticket to a concert, festival, or event.
Fraudsters often take advantage of sold-out concerts or sporting events. They will take your money and either never send you a ticket or send you a ticket that is fake and won’t gain you entry to the event.
TOP TIP: Only buy tickets from the venue’s box office, the promoter, an official agent, or a well-known and reputable ticket exchange site.

OTHER SCAMS
Other popular scams include:

• Email Fraud
• Phone Fraud
• Online Fraud and many more

Check out FraudSmart, Central Bank and The CCPC websites to stay aware of what fraud and scams are affecting people in Ireland.

HOW TO AVOID BEING SCAMMED – THINK SAFE
S: Stop and think. Who is this person contacting you? Can you trust them? Are they making you feel rushed to provide them with your personal details and banking information.
A: Assess the information they are providing you to make sure they are legitimate. Are there any typos in the webpage or in their messages? Has their social media account just been created?
F: Fact Check to make sure this is a legitimate offer or source. Seek advice to ensure the service or product is genuine. Ask yourself; does this offer seem too good to be true? If yes, then it normally is.
E: Expose and Report to the Gardaí. If you are a victim of fraud, contact your bank to ensure no more money can be taken from you. Report the incident to your local Garda station as a criminal matter.

HOW DO I KNOW IT IS A SCAM?
Common signs of a financial scam include unexpected contact from someone claiming to be from a reputable organization, pressure to act quickly, offers that seem too good to be true, requests for personal or financial information, and demands for payment in unusual forms such as gift cards or wire transfers.
Scammers may also use flattery or try to create a sense of urgency to prompt a hasty decision. It’s important to be cautious if you’re asked to keep a transaction secret or if you notice discrepancies in the information provided by the supposed entity. Always verify the legitimacy of the contact by using official communication channels and never share personal information unless you’re certain of the recipient’s identity.
If you suspect you’ve been targeted by a scam, it’s important to act quickly by contacting your bank and reporting the incident to the relevant authorities, such as the Gardaí or the Competition and Consumer Protection Commission. By taking these proactive steps, individuals in Ireland can better safeguard their hard-earned money against the ever-evolving threat of scammers.

Carey Corbett Financial Services are experts on personal and commercial insurance, pensions, investments, mortgages, protection and financial planning.
Call Tommy or Donal at 065-689 3540 or email info@careycorbett.com