The Central Bank has raised alarms over the growing use of artificial intelligence (AI) to create realistic social media profiles and advertisements impersonating public figures and businesses. These “deepfake” campaigns are promoting fake investment platforms or online trading mentorship schemes that guide consumers to transfer funds or install software that exposes personal information.
“In some instances, they’re also encouraged to install software on their devices, giving scammers access to even more sensitive personal information,” the regulator said. The Central Bank has launched a public campaign to help consumers recognise evolving fraud techniques, including fake price comparison sites and recovery schemes.
Colm Kincaid, Deputy Governor of Consumer and Investor Protection at the Central Bank, noted that scammers are shifting strategies. “We are seeing a move away from promises of lucrative high returns or eye-catching benefits towards scams that are offering just higher than the market norm, making them even more difficult to spot,” he said. Consumers are advised to use reputable comparison sites, independently verify products, scrutinise ads and profiles, and ignore unsolicited calls, texts, emails, or social media messages promising to recover lost money.
FraudSMART, the fraud awareness initiative led by the Banking & Payments Federation Ireland (BPFI), has also issued warnings about a rise in pop-up scam ads featuring AI-generated celebrity endorsements. These scams often target investment opportunities in cryptocurrencies, bonds, or shares.
Niamh Davenport, Head of Financial Crime at BPFI, highlighted that older consumers are especially at risk. “Scammers are continually finding new and complex ways of luring people into investment scams, often targeting people over 50 who may be looking for an opportunity to top up their finances ahead of retirement or to boost their current pension,” she said.
The Garda National Economic Crime Bureau reported a 21% increase in investment scams over the three months leading up to October 2025. Detective Sergeant Niall Smith said that losses vary widely. “Losses can start anywhere from €250 on a crypto scam, but for bigger investment scams involving bonds and shares, average individual losses are ranging between €30,000 and €40,000, and unfortunately, there are victims who have lost multiples of this,” he said.
On RTÉ’s Today with David McCullough, Davenport stressed that while AI has many legitimate uses, it is being exploited by fraudsters. She urged caution about what information is shared online and what sources are trusted. Older individuals are often targeted because they are seen as having more disposable income and may be actively seeking ways to enhance retirement savings.
Authorities are calling on the public to remain vigilant, verify investment offers carefully, and report suspicious activity. With scammers increasingly using AI to create convincing ads and fake profiles, experts warn that awareness and caution are key to preventing significant financial losses.
