Bank of Ireland is issuing a fresh warning about escalating ‘pump and dump’ WhatsApp investment scams, which originate as ads appearing on Meta platforms Facebook and Instagram. Fraudsters lure victims via fake social media ads to join an investment WhatsApp group. Posing as a financial investment expert, the fraudster then spreads misleading information to group members about particular companies/stocks. Group members then buy the stock, the price is pumped up due to the increased demand and when the price peaks, the scammers sell (dump) their holdings at a profit, and disappear.
Allison Ewing, Fraud Manager, Education & Awareness, Bank of Ireland said: “Social media platforms are really attractive to fraudsters, and the consumers they target are paying the price while tech companies gain revenue. Our new fraud awareness campaign highlighting scams originating via social media is really timely, coming as we’ve started seeing a new spate of ‘pump and dump’ investment fraud spreading fast, mainly using WhatsApp.
“With many consumers no longer trusting social media companies to shield them from fraud, the message is clear – the public wants protection. It’s time for increased accountability, not just algorithms.”
Bank of Ireland’s new fraud awareness campaign launches with the theme ‘Not all social is social’, highlighting the threat of fraud originating via social media platforms. The Bank’s consumer and business fraud education campaign for 2025 focuses on key fraud themes: Investment scams, CEO fraud, invoice redirection, smishing and fake online purchases. The digitally led media campaign provides actionable advice from Bank of Ireland’s fraud prevention experts and international cyberpsychologist, Professor Mary Aiken, to protect customers’ financial wellbeing.
Professor Mary Aiken said: “Fraud online is now an industrialised, platform-enabled phenomenon. Scammers leverage the same targeting and engagement tools legitimate advertisers use; the difference is that families and businesses bear the cost.
“‘Not all social is social’- much of it is commercial, algorithmic and adversarial. The solution is safety by design, verifying financial advertisers, building friction and warnings into investment journeys, and enforcing clear accountability when systems enable harm. If platforms can target us to buy, they can target protections to keep us safe.”
Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds.
Bank of Ireland’s fraud team is available to support customers 24/7 and can be contacted on the Freephone line 0800 121 7790 or by dialling 159, the memorable short code number that connects consumers safely with their bank.
More advice and information on fraud is available at: Security and Fraud – Bank of Ireland UK
