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There has been a “huge increase” in cryptocurrency and investment fraud over the last two years with up to €30 million reported stolen in the State, a senior Garda expert has said.
Det Supt Michael Cryan from the Garda National Economic Crime Bureau (GNECB) also said that the chances of recovering money in such cases is “quite slim” due to a lag before the victim realises they have been defrauded.
He was speaking on RTÉ’s Morning Ireland on Monday, following a report in The Irish Times about a retired university professor who lost more than €1 million in an investment scam.
Det Supt Cryan said since 2023 there has been a rise in cryptocurrency and investment fraud, with “a lot of” cloned and counterfeit websites.
“People go online looking for investment opportunities. They see particular ads, or they see a pop-up ad, or some kind of endorsement on social media, and they click on a link, which brings them to an ad and will then get a phone call,” he said.
“They’ll get contacted by a salesperson – the hard sell, particularly good offers, once-in-a-lifetime offer with high returns, quick investment, all that.”
Det Supt Cryan said people are often “rushed” into making decisions and that although cryptocurrency is not illegal, it is “very high risk”.
He said in order to avoid being scammed, people should be wary of unsolicited approaches on WhatsApp and other social media where investment opportunities are purported to be endorsed by celebrities.
“Where they’re offering huge returns, really above what you would get, anything like that, it should be a red flag,” he said.
Det Supt Cryan said a person can verify the identify of the investment firm by completing a safe test on the Central Bank’s website.
“You need to make sure that the firm you’re dealing with is regulated also and authorised to provide financial services in Ireland because it’s illegal to do so without such authorisation,” he added.
“Again, the Central Bank register is excellent for that as well, but you need to seek independent financial advice if you were investing large sums of money and if you are caught up in it.”
He said it is “very important” to report any potential cryptocurrency or investment fraud to gardaí as it helps them to identify the bank accounts where the money has been laundered and then shared with foreign police forces.
“If they’re here in Ireland, there will be a money laundering investigation into the owner of that bank account and we will share that overall and it’s helping to prevent other people becoming victims in the future as well.”
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