Police issue urgent warning on investment scams targeting vulnerable in Northern Ireland

Northern Ireland police have issued a stark warning to the public to remain vigilant against sophisticated investment scams, following a report of an elderly man losing a significant amount of money to fraudsters.

The rise in fraudulent investment schemes, particularly those involving cryptocurrency, has prompted authorities to urge residents to exercise caution and follow critical steps to avoid becoming victims of financial fraud.

Detective Inspector Harris, speaking on behalf of the Police Service of Northern Ireland (PSNI), highlighted the deceptive tactics used by criminals to lure victims into fake investment opportunities.

“If an offer sounds too good to be true, it usually is – so it’s very important that those dabbling in these schemes do their research well before committing or transferring money,” Harris said.

He emphasised that fraudsters often employ professional-looking websites and persuasive techniques to convince individuals to part with their savings.

The recent case involved an elderly male who suffered devastating financial losses after falling victim to a scam.

Police revealed that criminals frequently set up “clone companies” designed to mimic legitimate firms, tricking individuals into investing in fraudulent schemes.

“We have seen many times, how clone companies have been set up to urge people to buy into investment opportunities, and this is exactly what has happened on this occasion,” Harris explained.

To combat the growing threat of investment fraud, the PSNI is promoting its “Stop. Check. Report.” campaign, a simple yet effective framework to help the public avoid falling prey to scams. The advice includes:

•  Stop: Never transfer money or share personal details with unknown individuals or companies. Genuine firms will not pressure you into making rushed decisions.

•  Check: Verify the identity of anyone you’re communicating with using trusted sources. Use a separate phone line to confirm details and perform an image search to validate claims. If in doubt, refrain from transferring money or goods.

•  Report: If you suspect you’ve been targeted by a scam, report it immediately to the police via www.psni.police.uk/makeareport or by calling 101. You can also contact your bank, report to Action Fraud at www.actionfraud.police.uk or call 0300 123 2040, and forward scam texts to 7726.

Police also advise checking whether investment firms are regulated by the Financial Conduct Authority (FCA), the UK’s financial regulatory body.

“Please make sure whomever you are speaking to is authorised to do so,” Harris added, stressing the importance of dealing only with FCA-regulated entities.

For those seeking further guidance, the ScamwiseNI initiative, accessible at www.nidirect.gov.uk/scamwiseni or via the ScamwiseNI Facebook page (@scamwiseni), offers valuable resources and advice on spotting and avoiding scams.

The platform provides practical tips, such as how to identify suspicious communications and steps to take if you’ve been targeted.

The PSNI’s warning comes amid a broader rise in financial scams across the UK, with fraudsters increasingly exploiting digital platforms and cryptocurrencies to deceive victims. Elderly and vulnerable individuals are often prime targets, making public awareness campaigns like ScamwiseNI critical in protecting communities.

Authorities are urging anyone who believes they may have been contacted by a scammer to act swiftly. Reporting incidents promptly can help prevent further losses and assist in tracking down perpetrators.

As Detective Inspector Harris reiterated, “The best way to fight scams and not lose money is to Stop. Check. Report.”

For more information on protecting yourself from investment fraud, visit the ScamwiseNI website or follow their updates on social media. Stay vigilant, and don’t let fraudsters take advantage of your trust.