GARDAÍ ARE URGING the public to be aware of investment fraud scams as incidents of the crime are on the rise.

Sgt John Horgan of Mallow Garda Station told C103′s Cork Today Show that between January 2020 and this month, “over €75 million was reported stolen in Ireland through investment fraud”.

Investment fraud occurs when people pose as investment managers online in order to get people to transfer money. After some time, contact with the fraudster ceases and the victims are left with sometimes life-changing financial losses.

Horgan described the sums of money being stolen through investment fraud as “staggering”. 

In one case, a man was defrauded of more than €250,000 after he came across what appeared to be a trading broker online. At one point early on in the fraud, he presumed the company he was investing in was legitimate because he was able to withdraw €5000, so he kept committing more money. 

“If it sounds too good to be true, it usually is,” said Sgt Horgan, who urged people to “think long and hard about investments” and to seek a second opinion.