Bank of Ireland has issued a public alert after a sudden surge in a sophisticated scam known as the ‘safe account’ fraud, reports Breaking News.
Scammers are deceiving customers through realistic fake messages and phone calls, convincing them to transfer funds into fake ‘safe accounts’, often using the Revolut platform in the process.
The bank has experienced a tenfold jump in reported cases of this scam within just 24 hours — far surpassing the weekly averages seen earlier this year, reports Breaking News.
Targets have been receiving text messages instructing them to call a specific phone number regarding unusual account activity or a suspicious transaction.
These messages appear to come from Bank of Ireland and are designed to resemble legitimate messages. They often include phrases like “Do you recognise this transaction?” or “A transaction for [value] to [merchant] was declined and your card has been placed on hold”, followed by “if this was not you / if you don’t recognise this / etc. please call us back on [callback phone number],” reports Breaking News.
When victims call the number, they are greeted by someone claiming to be from Bank of Ireland, saying there has been fraudulent activity and that their account is at risk.
The caller will ask whether the person has a Revolut or another secondary banking account. If they answer yes, they are told to move their funds from their Bank of Ireland account into that secondary account, reports Breaking News.
From there, the victim is instructed to transfer the money again—this time from their Revolut or secondary account into a so-called ‘safe’ account.
The phone numbers used in these scams often appear legitimate, featuring landline prefixes such as 01, 1800, or other regional codes, reports Breaking News.
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