Criminals Shift Focus from Crypto Frauds to Banking Scams
Fraudsters in Ireland have changed their tactics and are now posing as representatives of reputable traditional banks instead of promoting cryptocurrency scams, according to the Irish Independent. Law enforcement authorities are currently investigating multiple cases of fraud involving fiat investments.
Since January, Irish citizens have lost nearly €20 million (over $21 million) in online fraud schemes, with only around €4 million recovered by the Garda National Economic Crime Bureau (GNECB), the report revealed.
Previously, crypto scams accounted for over 95% of registered cases, but investigators claim that banking scams have now become the most prominent form of investment fraud. The criminals behind these schemes often contact victims by phone or email, pretending to work for well-known British banks or trading houses.
“In the last few months, what has become more and more common is that victims have been contacted often by phone or by email by fraudsters who are saying they work for legitimate, high-profile British banks or trading houses,” explained a police source.
The decline in popularity of cryptocurrencies among investors, due to major scandals and court cases, has prompted organized gangs to shift their focus to banking scams. These scams involve setting up fake websites or cloning real online platforms to offer investment products. Victims are then pressured into making urgent payments, transferring funds directly, or downloading software that drains their bank accounts.
Ireland is participating in an international law enforcement operation led by Interpol. Last year, this operation resulted in the arrest of 975 suspects worldwide and the recovery of over €123 million. Additionally, almost 2,800 bank and crypto accounts linked to online financial crime were blocked.
Hot Take: Fraudsters Switch Tactics as Crypto Frauds Decline
As cryptocurrency scams lose popularity among investors, fraudsters in Ireland have changed their strategy and are now targeting victims through banking scams. By posing as representatives of reputable banks, these criminals have managed to steal millions of euros from unsuspecting individuals. The decline in crypto scams can be attributed to the numerous scandals and court cases that have plagued the industry. As a result, organized gangs have shifted their focus to banking fraud schemes, which have proven to be more lucrative. Authorities are working diligently to investigate these cases and recover stolen funds, but it remains a challenging task. It is crucial for individuals to remain vigilant and verify the authenticity of any communication they receive from financial institutions.
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