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<div class="intro-text"> 
 Ireland’s national police force, An Garda Síochána, has issued a stark warning about the rising tide of cryptocurrency-related investment fraud in the country. 
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<a href="https://m.independent.ie/irish-news/gardai-warn-of-staggering-rise-in-investment-fraud-with-almost-half-of-reports-for-crypto-currency/a1064011735.html">According to the Irish Independent</a>, the country’s National Police Force claimed that 44% of all recorded investment fraud cases in Ireland between January 2020 and August 2024 involved Bitcoin and other cryptocurrencies. Within the same period, scammers reportedly stole over €75 million from 1,117 victims, with €13.5 million lost in 2024 alone. The year 2023 saw the highest losses, with €28 million stolen—more than the combined total for 2021 and 2022. 
The majority of these cases saw scammers impersonating investment managers, defrauding victims by “cloning websites” and targeting them through online and social media ads. 
One of the cases highlighted by the Irish Independent report involved a victim who invested €45,000 (about $50,000) in a mobile app-based trading platform after seeing an advertisement on social media. The scammers claimed that the victim’s investments had earned over €727,000 (about $808,620) in profits, supposedly held in USDC in an Ethereum-based Atomic Wallet. When the victim tried to withdraw their profit, the scammers demanded an additional $40,000 in “dirty tax.” 
Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau commented on the rising sophistication of investment fraud schemes, noting, 
<blockquote>
 “Investment fraud is increasing, and the schemes are more advanced than ever. Unfortunately, ordinary, decent people are losing substantial amounts of their life savings, whether from inheritances or retirement funds.”
</blockquote> 
He emphasized that fraudsters often present themselves convincingly and claim to have insider knowledge, but they are seasoned criminals using a rehearsed script.&nbsp; 
Cryan urged caution with international money transfers, advising individuals to ensure transactions can be tracked. He added, 
<blockquote>
 “Investment fraud can affect anyone, and no one should be judged. We encourage anyone who has been a victim, whether in the past or recently, to come forward and report the incident at any Garda Station.”
</blockquote> 
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/australian-watchdog-alerts-public-to-ai-fueled-cryptocurrency-scams/">Australian Watchdog Alerts Public to AI-Fueled Cryptocurrency Scams</a> 
In a related development, the<a style="color: #0000ff;" href="https://defi-planet.com/2024/08/fbi-alerts-public-scammers-impersonating-crypto-exchange-staff-for-fraudulent-gains/#google_vignette"> FBI recently warned</a> about a similar scam where fraudsters impersonate cryptocurrency exchange employees to steal funds. These scammers use phone calls or messages to create fake account issues or security breaches, pressuring victims for access codes or personal information. The FBI also advised users to contact the exchange through verified numbers for confirmation and avoid engaging directly with such messages.&nbsp; 
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The post <a href="https://defi-planet.com/2024/08/nearly-half-of-reported-investment-fraud-cases-now-involve-crypto-irish-police-issue-urgent-warning/">Nearly Half of Reported Investment Fraud Cases Now Involve Crypto, Irish Police Issue Urgent Warning</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Nearly Half of Reported Investment Fraud Cases Now Involve Crypto, Irish Police Issue Urgent Warning

DeFi Planet

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