Insurance Ireland has warned the public after becoming aware of fake life insurance fund scams doing the rounds.
It also says it’s aware that members of the public have received telephone calls from fraudsters impersonating Insurance Ireland members.
The fake or unregulated companies are reportedly offering convincing ways for people to make a quick profit or are purporting to have extremely attractive long-term returns.
In a statement released today, a spokesperson for Insurance Ireland said: “With interest rates so low, many people are on the lookout for a better return from their savings.
“Unfortunately, this has resulted in an increase in the number of scam and fraudulent activities in circulation.
“Some criminals are using sophisticated methods to persuade consumers to invest in fake investment and life insurance funds.
“These methods include, but may not be limited to, the use of fake comparison style websites to obtain personal and contact details from members of the public which they then use to contact you, claiming they are calling from a reputable insurance company.”
If you are contacted by a suspicious or unknown telephone number, or if you receive a suspicious email claiming to be from an insurance company, you should report this on:
- www.insuranceconfidential.ie or
- email firstname.lastname@example.org.
Insurance Ireland also issued these tips to help avoid financial fraud:
Protect your personal information – You should avoid providing any personal details or transferring any money unless you have verified the legitimacy of the product. An insurance provider will never ask you for personal information such as passwords or login information.
Don’t be rushed – Being rushed into a decision about a specific product can be a sign of fraud. Criminals will typically put you under pressure to invest your money. Insurance providers would never rush a customer to make a financial commitment.
Suspicious Communications/Fake Websites – When visiting a comparison website, it is important that you are extra vigilant. Fraudsters are creating fake comparison websites in a bid to make themselves look legitimate. As such sites require you to provide your details, it may appear less suspicious when these fraudsters subsequently contact you offering fake insurance products.
Too good to be true – Many investment frauds promise high returns with little risk for the consumer. There is also usually a short investment deadline. Remember, if it seems too good to be true it probably is.
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