Scam awareness

Fraudsters can often try and impersonate a legitimate firm. There are many signs of fraud, some more obvious than others. Most commonly they can attempt to contact you via:

• A cold call
• An email address that is filled with random numbers or is misspelt
• Via social media apps

They may also ask you to click on a link giving them access to your device and personal information. They can also:

• Try and entice you by mentioning guarantees, or high returns
• Request upfront payments
• Impersonate a legitimate firm and represent themselves as an employee using their name and details stored on the Central Bank of Ireland’s registers of authorised financial service providers.

How Fairstone will communicate with you

Your adviser or dedicated Fairstone staff member can contact you by phone, email, face to face meetings or video calls. Please always check the domain names of any emails received and save our number in your phone. Fairstone’s emails are encrypted to prevent phishing attempts. This will not prevent phishing attacks on your personal email account, so we always ask that you never email your bank account details unless you password protect a document and inform your adviser of the password independently. Never include the password in the email with the protected document. We will never text you requesting your bank details and personal information.

Protecting yourself from scams

The Garda National Economic Crime Bureau (GNECB) has provided the following ‘golden rules to prevent fraud’:

• Be suspicious of all “too good to be true” offers and deals.
• Don’t assume anyone who has sent you an email, text message or has called your phone is who they say they are.
• Never…EVER…give banking details or personal details to someone you don’t know or trust. Genuine organisations like banks and the Revenue Commissioners will never contact you out of the blue to ask for your PIN, password or bank details.
• Always log onto a website directly rather than clicking on links in an email.
• Do not send money to anyone advertising rental properties online until you are certain the advertiser is genuine.
• If you are going to invest….invest your time in checking out the investment proposal and consider seeking independent advice.
• Never send money to someone you have only met online, no matter how much you trust them or believe their story.
• Monitor your bank account regularly.
• Don’t return calls to international numbers that you don’t recognise.
• If you receive a notification of a change of bank account details from a supplier always verify this change directly using an established contact.
• Don’t be embarrassed if you have been scammed. Report it to your local Garda Station.

Unauthorised Investment Firms

Not all the firms advertising themselves as financial services providers are legitimate. The Central Bank of Ireland regularly issues warnings against firms seeking to offer financial services which are not authorised to do so. You can search their listing of Unauthorised firms here: Search Unauthorised Firms | Central Bank of Ireland If you believe you have been a victim of a financial scam or have been in contact with an unauthorised financial service provider, you can also submit a report directly to the Central Bank: Report an Unauthorised Firm | Central Bank of Ireland

What more can I do if I find myself the victim of a scam or fraud?

• Stop sending money

If you believe you have been a victim of a scam or fraud, firstly do not send any more money to the firm/person in question.

• Report what happened

Immediately report the matter to your bank, the Central Bank and the Gardai and discuss your options. Obtain independent advice.

• Avoid being targeted a second time

If you have been a victim of a scam or fraud, you are likely to be targeted again. This could be weeks or years after the original scam or fraud took place. Often you may be offered what seems like a chance of recovering the money you lost on the original scam or fraud. This could take many forms but will usually involve sending some sort of fee in order to recover your money. Some examples include, a supposed tax, government administration fee, re-bonding fee etc. The scam or fraud operators will often pose as fictitious government agencies, issuing you with fraudulent papers regarding legal action, non-disclosure agreements, copies of share certificates etc. Be advised these documents can look official and genuine. It is highly unlikely you will ever recover your money from the original scam or fraud and this will usually be an attempt by the initial fraudsters to extract even more money from their original victims. Do not send them any more of your money. Report the matter to the Central Bank and the Gardai

Other resources:

Central Bank of Ireland

Can you spot a scam artist | Central Bank of Ireland www.centralbank.ie/financialscams

Garda guide on fraud prevention

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