Since the beginning of the year, reports of these scams have escalated at Bank of Ireland’s fraud hotline and Text Checker service. This week has seen an especially pronounced increase in complaints, with daily case numbers this week being more than ten times higher compared to those reported weekly during April and May.
Details on the Scam
Clients often receive a text message prompting them to call a phone number concerning potential suspicious transactions. This message may appear legitimate but can be part of a broader fraudulent scheme that integrates with genuine Bank of Ireland communications. Callback numbers are frequently landline-based, including those with 01/1800 or regional prefixes.
If the victim dials this number, they might speak to someone posing as a Bank of Ireland representative who informs them that their account has been compromised and requests immediate action to secure it. The scammer then asks if the individual has a Revolut account or any other secondary financial institution linked to their primary banking system. Assuming the answer is affirmative, the fraudster will instruct the victim to transfer all funds from their Bank of Ireland account into their Revolut account or another secondary account they control.
Importantly, during this process, the scammer does not request direct access to the victim’s Bank of Ireland account nor ask for security details such as PINs or codes, minimizing the appearance of fraud and increasing the likelihood that victims might unwittingly follow these instructions. The final step involves transferring funds from their Revolut account into a newly established ‘safe’ account controlled by the scammer.
