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In a surprising turn of events, fraudsters in Ireland have shifted their focus away from targeting cryptocurrency investors amid a two-year-long bear market. Instead, they have honed in on traditional banking customers, resulting in substantial financial losses. This shift comes as the cryptocurrency market experiences a decline in <a href="https://www.cryptopolitan.com/national-australia-bank-on-crypto-scams/" rel="noopener noreferrer nofollow">scams</a>, largely retaining committed investors who prioritize due diligence.
<h2 class="wp-block-heading" id="crypto-scams-decline-amid-bear-market">Crypto scams decline amid bear market</h2>
The frequency of cryptocurrency scams has traditionally been tied to the level of hype and profitability within the crypto ecosystem. However, the ongoing bear market appears to have contributed to the decline of these scams, weeding out some of the bad actors in the process. Serious investors, who value thorough research and due diligence, have remained steadfast in the face of market turbulence.
As a result of the decreased profitability and difficulty in targeting cryptocurrency investors, scammers in Ireland have shifted their attention towards banking customers, exploiting the trust these individuals place in traditional financial institutions.
According to a <a href="https://www.independent.ie/irish-news/almost-20m-lost-to-scams-as-fraudsters-are-posing-as-bank-officials/a540760353.html" rel="noopener noreferrer nofollow" target="_blank">report </a>by the Irish Independent, 2023 has seen Irish citizens lose nearly 20 million euros (approximately $21.8 million) to scammers posing as banking officials. Victims are frequently contacted via phone calls or emails by fraudsters who claim to represent legitimate and high-profile British banks or trading houses.
Detectives in Ireland are currently investigating numerous fraud cases of a similar nature and have already successfully recovered 2 million euros (approximately $2.1 million) from one of these scammers. Since January 2023, Irish authorities have managed to recover approximately 4 million euros of the 20 million euros lost to banking scams.
Unlike the complex cryptocurrency scams that once dominated the fraud landscape, these scammers are now adopting a more traditional approach. They are imitating banking websites and creating counterfeit brochures to deceive victims into parting with their savings. Detectives have identified over 20 bank accounts in the United Kingdom being utilized by these fraudsters, but the dismantling of the operation remains a work in progress.
The Bank of Ireland has issued a warning to its customers, urging them to exercise caution when dealing with individuals claiming to be banking employees who pressure them into hasty decisions. This technique is a common ploy used by scammers to manipulate unsuspecting investors.
While Ireland grapples with the rise in banking scams, an alarming trend has also been observed in Australia. During a panel at the Australian Blockchain Week, Sophie Gilder, Managing Director of Blockchain and Digital Assets at Commonwealth Bank, revealed that a significant portion of scams in Australia is connected to cryptocurrency. Gilder stated,
<blockquote class="wp-block-quote">
 “One in three of the dollars that are scammed from Australians touch crypto, one in three. So it’s the single largest lever that we have to reduce this impact on our customers.”
</blockquote>
Nigel Dobson, Banking Services Portfolio Lead at <a href="https://www.cryptopolitan.com/major-aussie-bank-anz-tests-adc-stablecoin/" rel="noopener noreferrer nofollow">ANZ</a>, referenced data from the Australian Financial Crimes Exchange, suggesting that the figure may be even higher, at 40%. This highlights the importance of vigilance and awareness among crypto investors in Australia and around the world.

Crypto Scams Decline in Ireland as Fraudsters Shift Focus

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