Almost €7 million lost to account takeover fraud so far this year

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Galway Daily crime investment fraud soaring

Almost €7 million has been stolen from fraud victims in account takeover scams so far this year.

An Garda Síochána have said that there have been more than 1,000 reports of account takeover fraud to date in 2023.

People aged between 40 and 60 years old are the most likely to be the victims of this type of fraud, with Gardaí reporting a 20% increase in scam calls and texts this year.

An Garda Síochána is asking members of the public to always be suspicious of texts and calls asking for any personal data or money.

Sophisticated fraudsters use texts, calls and emails to trick members of the public into giving away their personal data, enabling the fraudsters to take over their bank account or devices, or to steal debit/credit card details.

Account takeover fraud occurs when someone receives a text, call, or email from a fraudster that appears to be from a bank, service provider, delivery company or government agency and aims to take over their accounts, devices, or cards.

“Practically everyone in the country has got a text that looks like it’s from a reliable source and yet it’s not – anyone can be a victim, regardless of age or where they live,” said Detective Superintendent Michael Cryan of the GNEBC.

“And, remember Revenue will never call you to tell you that you are under investigation either. Our advice is always to be wary of any concerning texts or calls – just stop and think before you click on anything or show it to someone you trust for a second opinion.”

“Never give away your personal data and if you have been a victim of account takeover fraud make sure you change your passwords and contact your bank as soon as possible and report it to Gardaí.”

Text based fraud will usually try and get the victim to click on a link, and then insert their pin. This might be followed up by a call from the scammers pretending to be from their bank.

The end result will be the scammers taking over a bank account, or linking it to money mules who can make online transfers or withdrawls.

Or, they may get the person to pay a small amount, such as a customs charge, with their card details and use these to make other purchases online.

If it’s a call, the fraudster may phone the person to tell them that they are ‘under investigation’ for tax fraud and that they can resolve the matter by paying their bill immediately.

An Garda Síochána is advising members of the public who believe they are a victim of fraud or think their account has been compromised, to contact any Garda Station.