Fraud prevention
Help keeping you & your money safe
We want to share information about fraud with you to help you keep your money safe.
Fraud happens where criminals, also called ‘fraudsters’, use different tricks and scams to steal your money. They are usually strangers but can also be someone you know who is taking advantage of you.
The rise in digital payments and online transactions has opened new ways for fraudsters to take money. Some fraudsters are using clever ways to convince people to invest in fake investment and life insurance funds.
What is financial fraud?
The goal of fraudsters is to take people’s money. They will use dishonest methods, including stealing or tricking people into giving away their identity information in order to access their accounts. Fraudsters will also make people believe they are offering real investments when they are not genuine, or strike up relationships with people to gain their trust and have them part with their money.
With fraud and scam operations becoming more and more sophisticated, it is easy for anyone to fall victim to them. That’s why we’ve put together this guide to help customers and business owners stay aware and protect themselves against common types of fraud and scams.
If you suspect fraud, it is important to speak up. Let your bank or financial provider know immediately if you think there might be a problem. Tell someone you really trust if you need help to decide what to do. Remember: it is always better to stop and check. Not only can it help to prevent or resolve the issue more quickly, you will also be helping others by raising awareness sooner.
How financial fraud happens
Data breaches
This can happen by hacking into systems to steal personal information.
Skimming devices
Hidden machines or gadgets that copy card information when you are making a real transaction.
Authority or a trusted voice
Messages pretending to be from official sources, such as your bank or insurance company. Fraudsters may use logos and branding from real companies to trick you.
False urgency
When someone pressures you by threatening penalties or offering limited time rewards. Anyone trying to rush your decision should not be trusted.
Emotion
Fraudsters often play on people's emotions to make them follow their hearts and not their heads. Watch out for language that makes you fearful, hopeful, or curious.
Current events
Fraudsters often use current news stories, significant events, or specific times of year to make their contact seem more relevant and genuine.
Building relationships
Fraudsters often try to build trust and find common interests before asking you for money or personal information.
Common types of financial fraud
Being aware of some of the different types of fraud is important for keeping your personal and financial information safe. With so many ways to communicate these days, as well as the development of Artificial Intelligence (AI) and fake adverts, financial scams are becoming ever more believable. If you identify a scam attempt, or fall victim to one, the best thing you can do is speak up and report it.
NOTE: if you suspect any payment or banking scams, contact your bank immediately.
Being aware of some of the different types of fraud is important for keeping your personal and financial information safe. With so many ways to communicate these days, as well as the development of Artificial Intelligence (AI) and fake adverts, financial scams are becoming ever more believable. If you identify a scam attempt, or fall victim to one, the best thing you can do is speak up and report it.
NOTE: if you suspect any payment or banking scams, contact your bank immediately.
Identity theft
This is when someone steals your personal information to pretend to be you and commit fraud. For example, they may open new accounts in your name or get medical treatment using your identity, leading to account takeovers, financial loss, and legal problems. This type of fraud can also be committed by someone you know who uses access to your personal documents or information to bypass security measures and access your money.
Romance scams
Dating or romance fraud involves meeting a partner, online or otherwise, who may seem perfect, but are actually pretending to care. They use your emotions to win your trust, then ask for money or other personal details.
Investment fraud
Fraudsters can pretend to be a company or a broker offering exciting investment opportunities or products that are either actually worthless or do not exist. They can do this by cold calling you or using fake websites, documents or social media offers that can look real.
Pension scams
Fraudsters may try to make money through fees, by getting access to pension savings, or by receiving investments. Common features of pension scams include attempts to gather information for future scams, making fake or unrealistic promises, or convincing you to either transfer your entire pension or release money from it.
Insurance fraud
This is similar to investment fraud where a fraudster will pretend to be an insurance company or broker (sometimes called a ‘ghost broker’) to sell you fake life, medical or car insurance products.
Cybercrime
Fraudsters can commit criminal acts by using computers and the internet, for example by getting you to click on a link that gives them access to your computer and online information. It can involve stealing personal information, damaging systems, or spreading harmful content.
Misuse of power of attorney
This is where an appointed attorney uses their authority to make withdrawals for their own benefit, rather than acting in your best interests.
Deception or undue influence
A caregiver or trusted person may pressure you into signing over savings or property, often through emotional manipulation.
Interference in ownership
This is where someone is arranging for your benefit payments (such as annuity, disability or state pension) to be sent to them instead of you.
Five ways to identify financial fraud
Scams take many forms, including fake websites, products, emails, text messages, phone calls, and many more. Fraudsters, disguised as real communications from trusted sources, use these ways to get personal information, such as bank details or passwords.
In the past, fraudsters have contacted our customers to try to commit fraud and access their policy. This page includes important information to help you identify potential scams and to keep your money safe.
Scams take many forms, including fake websites, products, emails, text messages, phone calls, and many more. Fraudsters, disguised as real communications from trusted sources, use these ways to get personal information, such as bank details or passwords.
In the past, fraudsters have contacted our customers to try to commit fraud and access their policy. This page includes important information to help you identify potential scams and to keep your money safe.
Protect your personal information
Fraudsters will likely ask you to give them your personal information over email, web, or phone. While in order to protect your policy information, we will ask you some security questions to identify you over the phone, we will never ask you for personal information such as passwords or login information.
Is it too good to be true?
Investments by nature involve some level of risk where the value of your money can go down as well as up. Investments with possible higher returns will also have a higher risk of losing money. Many investment frauds promise high returns with little risk for the customer consumer. This is usually presented as a limited opportunity or a short investment deadline. This is designed to put you under pressure to act quickly. Remember, if it seems too good to be true then it probably is.
Suspicious communications
Fraudsters can create attractive and believable product communications and websites pretending to be from real companies such as Irish Life. Check contact details, website addresses, and email addresses closely for any small differences. Look out for spelling mistakes, poor grammar, or other signs something may not be genuine.
Cold calls and unsolicited emails
Irish Life will only contact consumers who have asked us to contact them or customers who have products and services with us. If you are concerned that a contact from us might not be genuine, please phone 01 704 1010.
Fake websites
Fraudsters can set up websites that look real and encourage you to give your personal details. So you may not suspect anything is wrong when they contact you. They may encourage you to set up investments with them, which turn out to be fake. If you are considering a new financial product, it is important to always check the Central Bank’s list of authorised providers or call the Central Bank on 01 224 4000.
Examples of financial fraud online
- People you meet online who aim to strike up an intense relationship and later ask for money.
- Deception using deep fake AI images, phishing, smishing etc.
- Prompts to click on suspicious links, that will give access to your computer and online information.
Misuse of power of attorney
This is where an appointed attorney uses their authority to make withdrawals for their own benefit, rather than acting in your best interests.
Deception or undue influence
A caregiver or trusted person may pressure you into signing over savings or property, often through emotional manipulation.
Interference in ownership
This can be where someone is getting your benefit payments, such as annuity, disability or state pension, to be sent to them instead of you.
More ways to identify financial fraud
Six steps to protect yourself from financial fraud
Fraudsters know which buttons to press to get what they want. They often use physical behaviours and psychological tactics or mind tricks. But what steps can be taken to help prevent fraud happening in the first place?
Fraudsters know which buttons to press to get what they want. They often use physical behaviours and psychological tactics or mind tricks. But what steps can be taken to help prevent fraud happening in the first place?
Report immediately
If you suspect something is wrong or not quite right, contact your provider immediately, especially if you are about to or in the middle of transferring money.
Monitor your statements
Keep an eye on you bank and credit card statements regularly for any unusual activity or unauthorised changes. Let your financial provider know about any transactions that you did not authorise.
Use strong, unique passwords
Make sure to update your passwords regularly and don’t use the same passwords for different websites. It is very important for your online security!
Enable two-factor authentication
This will add an extra layer of security to your online accounts and help prevent unauthorised access.
Freeze your accounts
If you suspect fraud, let your financial provider know and ask them to temporarily de-activate or ‘freeze’ your account to stop any further unauthorised transactions.
Be cautious and stay informed
Avoid clicking on suspicious links and always be sure about who you are giving your personal information to. Beware if you are discouraged from getting professional financial advice.
How to check if a financial product provider is genuine
Authorised providers
Providers of life insurance, pensions and investment services in Ireland must be authorised by the Central Bank of Ireland. You can check their list of authorised providers here or call the Central Bank on 01 224 4000.
If you’re unsure something genuine
If you have been contacted by somebody from Irish Life or about an Irish Life product and you are not sure if it is real, you can check by calling us on 01 704 1010.
How Irish Life will contact you
We will only call you if you have asked us to, or if we need to contact you about your products or services with us, or to speak to you about something you are already aware of.
If we call you, we may need to ask some security questions over the phone to make sure we are talking to you and to protect your information. You will always have the option to call us back if you prefer or are worried that we are not really who we say we are. We will always give you contact options for sending us your information.
We will never cold call you or chat to you through WhatsApp.
We will never contact you by social media or web chat unless you have contacted us first.
We will never ask you to pay a fee to subscribe to our website. Or contact you from a website based in a different country.
How to contact Irish Life safely
The main contact details for Irish Life customer service:
- Phone: 01 704 1010
- Email: customerservice@irishlife.ie
When you contact our customer service team, we will ask you security questions to check your identity to keep your information that we hold safe. This includes your name, date of birth, address as well as other security questions. We will never ask you for any login information or passwords for accessing your products online.
Useful contacts for reporting fraud
Contact your bank and financial provider immediately if you are in the middle of transferring money. If you believe any products with us may be at risk of a fraud attempt, please contact us without delay on 01 704 1010.
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