BY JOHN ELLIS, FINANCIAL ADVISOR
Fraud is everywhere. Whether in the day-to-day of life or when we are on holiday we need to be wide awake to the very real risk of losing our hard-earned cash. Last year, a massive €98.6 million was stolen from bank accounts across Ireland. That is a 16% jump from 2022, according to FraudSMART and the Banking and Payments Federation of Ireland (BPFI) as criminals are getting bolder and smarter. We need to be on high alert.
One of the meanest methods is recruiting ‘money mules’. Criminals move stolen money through unsuspecting people’s bank accounts to cover their tracks. They might contact you online, in person, or even through social media and fake job ads. They will promise you easy money for letting them use your account.
Sounds tempting? Do not fall for it. Being a money mule is a crime and, if you get caught, you could have your bank account frozen for an indefinite period, closed or worse, end up with a criminal record for money laundering.
According to AIB bank, you always need to be wary of any promises of easy money. Never allow someone to move money through your bank account and do not open a bank account for someone else. Keep your bank details secure and never let anyone use your account to send or receive payments.
Deborah Kilbride from the Financial Crime Systems & Intelligence team, emphasises that teenagers and young adults are prime targets.
Parents, have a chat with your children about this growing threat.
Then with summer holidays in full swing, fraudsters are also targeting eager travellers. Fraudsters have mastered the creation of fake websites that look just like your favourite airlines or travel companies. Always double-check that the URL – the website address – is correct and matches the official site. Scammers can even fake Irish Aviation Authority licenses, so verify on IAA.ie if you are unsure. Do not fall for offers of amazing tours or activities as they may not exist. Check for verified reviews and be suspicious of poorly written ads or pressure to buy quickly.
Ads on Facebook, X, TikTok, and Instagram might promise quick and cheap getaways. They can look very convincing but often lead to fake bookings. Always check the profile’s authenticity and book directly through official websites.
Some sites mimic government services to charge hefty fees for free services like The European Health Insurance Card (EHIC). So always ensure the URL is correct and look for hidden charges before entering personal information.
When hiring a car, read the fine print, take photos, and inspect the vehicle thoroughly. To avoid unexpected costs, consider buying car hire excess cover from a separate insurer before your trip.
Eoin Clarke, Commercial Director at Switcher.ie, reminds us that while holidays are a time to relax, we should not let our guard down. “Fraudsters are ready to take advantage of carefree holidaymakers. Planning ahead and paying securely can prevent scams. Research websites, read reviews, and check the fine print to avoid being duped.”
So, whether its an ordinary day in Cyberland or you are planning your holiday, be vigilant. Be cautious and, unfortunately, become more suspicious so you can protect your money, ensuring you, your children are safe and your getaway is nothing but relaxation and sunshine.
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