Bank of Ireland has sounded the alarm over a sharp rise in reports of a so-called ‘safe account’ scam, urging customers to be extra vigilant.
According to the bank, the number of daily incidents reported this week has skyrocketed, surpassing ten times the weekly average recorded throughout April and May, claims FinTech Finance.
The scam is particularly insidious in its method. Fraudsters send text messages to unsuspecting customers that appear to come from legitimate Bank of Ireland sources. These messages may reference suspicious transactions, failed payments or unauthorised logins, prompting the recipient to call a phone number supposedly connected to the bank. Notably, these fake messages can be inserted into genuine SMS threads, making them even harder to detect.
Upon calling the number, victims speak to individuals pretending to be bank staff, who warn them of fraudulent activity and urge them to transfer funds for safekeeping. Typically, the fraudsters ask if the customer has a Revolut or another secondary account, advising them to first move their funds there. The final step involves transferring that money into a new ‘safe’ account, which is in fact controlled by the scammers.
A key part of this scam is that the fraudsters do not ask for account PINs, passwords or security codes – a tactic that helps them avoid raising suspicion, as it doesn’t match traditional red flags for fraud.
Bank of Ireland head of fraud Nicola Sadlier said, “We have been seeing a concerning pattern in the increase of this type of fraud. This week’s escalation has resulted in the highest number of reports in a single day of this particular type of fraud, so we need our customers and the general public to be vigilant and recognise the warning signs. Our main advice is to look out for these texts and do not call back. And remember that Bank of Ireland will never ask you to move your money to another account to keep it safe. If you think you have been a victim of fraud, call the bank’s fraud team immediately on the 24/7 freephone line 1800 946 764.”
The bank also emphasised that legitimate institutions will never ask customers to transfer money to another account under any circumstances. The scam’s reliance on consumer trust and its evasion of typical fraud detection cues has made it particularly effective.
Customers are urged to use the bank’s Text Checker service and to report suspicious communications without delay. As scams grow more sophisticated, financial institutions continue to highlight the importance of public awareness and rapid response to mitigate financial losses.
Back in 2022, the Central Bank of Ireland (CBI) fined the European life and pensions unit of Axa €3.6m for several regulatory breaches.
According to the Irish Times, the breaches related to risk management and the group’s handling of conflicts of interest.
Keep up with all the latest RegTech news here
Copyright © 2025 RegTech Analyst
Copyright © 2018 RegTech Analyst
