BY JOHN ELLIS, FINANCIAL ADVISOR
A while back I got a call. The chap on the other end said he was from Microsoft and that my computer had a serious virus. He was very calm, very professional and he wanted to help me fix it right there and then, over the phone. All I had to do was let him take control of my computer for a few minutes.
I knew straight away it was a scam. Microsoft don’t make calls like that. But it was a good reminder of how far these things have come. Fraudsters don’t need to hack your computer anymore. They just need to hack your trust, and they’re getting better at it.
It’s happening more than most people realise. The old image of a prince reaching out for your help to move money is outdated. These days the fraudster is far more likely to be chatting to you on the phone, sending you a text or emailing you with something that looks completely genuine.
Investment scams are still one of the biggest risks. They often look very professional: nice websites, familiar company names, even what appears to be official paperwork. Sometimes they’ll even show you “returns” on particular investments to begin with, just to build your confidence. Then they ask for money. Unfortunately, the returns were never real.
Another common one is the bank impersonation scam. You get a call or a text saying there’s suspicious activity on your account. They tell you to move your money to a “safe account” to protect it. It sounds plausible, especially if they use a spoofed number or follow up with a text. But no real bank will ever ask you to move your money to another account like that.
What’s really disturbing is that scammers can now take a short clip of someone’s voice, even from a public video, social media post or voicemail, and use it to sound exactly like a family member, a bank official or even your financial adviser. It can be surprisingly convincing, which is why it’s more important than ever to slow down and check things independently rather than trusting what you hear on the phone.
What makes these scams so effective is the pressure. There’s nearly always a sense of urgency: “You need to act now” or “your money is at risk.” That’s deliberate. They want you to stop thinking clearly for a moment. Someone gets an unexpected call or message at a busy time, or when they’re distracted, and for a split second it feels real. That’s all the scammer needs.
The good news is that the best protection is quite simple. It comes down to behaviour more than anything else. If someone you weren’t expecting contacts you about your money, your computer or anything personal, pause. Then check it independently. Ring your bank or your financial adviser using a number you know is genuine, not one they gave you. Even a short pause can break the spell. Most of these scams rely on you acting quickly before you have time to think.
Here in Ireland, the numbers show how widespread it has become. Small businesses alone have lost almost €19 million to email-related scams over the past two years. A recent survey with ISME found that two-thirds of SMEs had been targeted by a financial scam in the last 12 months. If it’s happening to businesses at that scale, you can be sure ordinary people are being approached every single day.
The ones who get caught out are rarely foolish. They’re often just caught at the wrong moment: tired, busy or worried. That’s why the simplest habits make the biggest difference. Slow down. Question urgency. Verify independently.
Real companies never call or text looking for personal information. Keep that one sentence in the back of your mind. It might just save you a lot of trouble.
T: 086 8362633
