Consumers warned to be an alert for cryptocurrency scam
People are being encouraged to be on the alert for new 'get rich quick' cryptocurrency scams.
FraudSMART says they generally begin with a cold call or email from a bogus company promising massive returns on investment.
It says the recent hype around digital currencies has resulted in a sharp rise, with some victims losing as much as 50,000 euro.
Brian Hayes from the Banking and Payments Federation says people need to be extremely careful.
"Many of these companies are scams, they're only there to take your money.
"For people with life savings, they can lose those life savings, but also the younger cohort of people, people in their 20s and 30s are also losing money.
"We're seeing applications for lending to customers which can then translate to investing in these scams.
"It's really important that people are aware that this scam is doing the rounds at the moment."
More from Cork
-
Lord Mayor Of City Felt Privileged To Represent Cork During Such A Difficult Time As He Faces Into Last Month In Office
Councillor Joe Kavanagh will be handing over the mayoral chains outside of City Hall for the first time ever on June 18th due to the pandemic
-
Expert calls for people to reduce meat intake
Eating too much meat can increase the risk of serious illnesses by as much as 30%.
-
International Care Day Is Being Celebrated At The Bessborough Centre In Blackrock Today
The event highlights the positive impact of the experience of young people in care
-
UPDATE: Teenage Girl Killed And Three Teenage Boys Injured In Knocknaheeny Crash
It's understood the teenage driver of the car fled the scene on foot
-
Angry Farmers To Stage Protest Outside Aldi in Mitchelstown Later
They're appealing to retailers to come to the talks table
-
UPDATE: Toddler Who Was Injured At Her Home On The Boreenmanna Road Has Died
The two year-old was rushed to hospital with traumatic head injuries