Insurance Ireland warns consumers to be on the lookout for Life Insurance Fund scams

17 May 2022. Insurance Ireland has become aware of fake life insurance fund scams that are in circulation. Insurance Ireland are also aware that members of the public have received telephone calls from fraudsters impersonating Insurance Ireland members.

Fake or unregulated companies can appear to offer convincing ways for people to make a quick profit or overly attractive long-term returns. With interest rates so low, many people are on the lookout for a better return from their savings. Unfortunately, this has resulted in an increase in the number of scam and fraudulent activities in circulation. Some criminals are using sophisticated methods to persuade consumers to invest in fake investment and life insurance funds. These methods include, but may not be limited to, the use of fake comparison style websites to obtain personal and contact details from members of the public which they then use to contact you, claiming they are calling from a reputable insurance company.

If you have been contacted by a suspicious / unknown telephone number, that cannot be independently verified through an insurance provider’s website; or you receive a suspicious email claiming to be from an insurance company, and/or, you receive one of these fraudulent prospectuses, please report this on www.insuranceconfidential.ie website or email fraud@insuranceireland.eu.

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Notes to Editor:

General tips on avoiding financial fraud: 

Protect your personal information

You should avoid providing any personal details or transferring any 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.

Suspicious Communications/Fake Websites

When visiting a comparison website, it is important that you are extra vigilant. Fraudsters are creating fake comparison websites in a bid to make themselves look legitimate. As such sites require you to provide your details, it may appear less suspicious when these fraudsters subsequently contact you offering fake insurance products.

Is it too good to be true?

Many investment frauds promise high returns with little risk for the consumer. There is also usually a short investment deadline. Remember, if it seems too good to be true it probably is.