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Insurance Ireland warns consumers to be on the lookout for life insurance fund scams

By on May 17, 2022 0

Insurance Ireland has warned the public after learning about bogus life insurance fund scams doing the rounds.

He also says he is aware that members of the public have received phone calls from fraudsters posing as members of Insurance Ireland.

Fake or unregulated companies would offer people compelling ways to make a quick buck or claim to have extremely attractive long-term returns.

READ MORE:Elderly woman ‘swindled out of €230,000’ as Gardai investigating romance fraud arrests man in Dublin

In a statement today, a spokesperson for Insurance Ireland said: “With interest rates so low, many people are looking for a better return on their savings.

“Unfortunately, this has led to an increase in the number of scams and fraudulent activity circulating.

“Some criminals use sophisticated methods to persuade consumers to invest in bogus investment funds and life insurance.



Insurance Ireland warns consumers to be on the lookout for life insurance fund scams

“These methods include, but are not limited to, using fake comparison-style websites to obtain personal and contact details of 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 phone number, or if you receive a suspicious email claiming to be from an insurance company, you should report it to:

Insurance Ireland has also published these tips for avoiding financial fraud:

Protect your personal information – You should avoid providing personal information or transferring 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 rush – Being rushed into a decision about a specific product can be a sign of cheating. Criminals will usually pressure you to invest your money. Insurers would never push a customer to commit financially.

Suspicious Communications/Fake Websites – When visiting a comparison website, it is important that you are extremely vigilant. Fraudsters create fake comparison websites in an attempt to pass themselves off as legitimate. Since these sites ask you to provide your contact details, it may seem less suspicious when these scammers contact you afterwards to offer you fake insurance products.

Too good to be true – Many investment frauds promise high returns with little risk to the consumer. There is also usually a short investment time frame. Remember, if it sounds too good to be true, it probably is.

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