Fraudsters targeting victims in Ireland are increasingly posing as bank officials rather than crypto promoters, the local press reported quoting police. Amid the growing trend, Irish investors have lost millions of euros to this type of schemes this year, with law enforcement authorities having recovered only a fraction.
Criminals Drop Crypto Frauds in Favor of Banking Scams
Cryptocurrency frauds are being replaced by scams in which criminals pose as representatives of reputable traditional banks, the Irish Independent revealed in an article. Investigators are working on multiple cases of fraud over fiat investments.
Nearly €20 million (over $21 million) have been stolen from Irish citizens in these online fraud schemes since January, of which officers from the Garda National Economic Crime Bureau (GNECB) have managed to recover around €4 million, the report detailed.
While previously accounting for over 95% of the registered cases, crypto scams are no longer the most prominent typ
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