Fraudsters busy with targeting victims based in Ireland are primarily disguising themselves as bank officials instead of crypto promoters, as per the local press, quoting police.
In the midst of this increasing trend, Irish investors claim to have lost euros worth millions to this kind of scheme this particular year, accompanied by law enforcement authorities having obtained only a tiny percentage.
Criminals Drop Cryptocurrency Scams In Favor Of Banking Frauds:
Crypto frauds are now being replaced by a different kind of scam in which most criminals end up posing as representatives of reputable but traditional banks, according to the Irish Independent. Currently, investigators are trying to solve cases involving fraud in fiat investments.
More than 21 million dollars have been simply stolen from Irish investors in these fraud schemes online since the month of January. The GNECB (Garda National Economic Crime Bureau) has only managed to recover about €4 million, according to the report.
While accounting for more than 95% of all registered cases previously, cryptocurrency scams are no longer the most popular kind of investment fraud, as per claims made by investigators. The newspaper also quoted a police source in this context,
“In the last few months, what has become more and more common is that victims have been contacted often by phone or by email by fraudsters who are saying they work for legitimate, high-profile British banks or trading houses.”
Meanwhile, crypto has ended up losing some of its fame among many investors due to major court cases and scandals, this persona added, explaining, “So inevitably, the organized gangs behind this are changing tack, and the evidence is that the banking scams are the way they are making the most money now in terms of investment fraud, which is absolutely massive at the moment.”The organizers of bank fraud schemes typically set up fake platforms either offering investment products or copying real online platforms. Victims are actually pressured to act fast or even make urgent payments, download software, or directly transfer funds, draining their bank accounts in the process.