Revolut issues urgent warning to all Irish customers as job scams soar

Revolut issues urgent warning to all Irish customers as job scams soar
Revolut issues urgent warning to all Irish customers as job scams soar

Revolut as issued a stark warning to its Irish customers following a staggering 1,200 per cent increase in job scams recorded in 2023.

The company, which boasts two million customers based in Ireland, has raised the alarm over the emergence in job-related scams worldwide and has offered some crucial advice. According to Revolut’s Financial Crime and Consumer Security Insight Report, a shocking 15 per cent of all money lost to fraud in Ireland last year was due to individuals being tricked by artists into investing money in what they believed were promising job opportunities.

These scams typically begin with fraudsters posting bogus job advertisements online or directly contacting potential victims via messaging apps, pretending to be legitimate employers or recruiters. As part of the application process, these criminals either demand money upfront or ask for personal financial details to defraud their victims.

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They often ask for payment for training, administration costs or set-up fees, or for purchasing equipment such as laptops and mobile phones. Those most at risk from these fraudulent job offers are young and impressionable individuals entering the job market straight from school or college, eager to seize any opportunities that come their way, reports the Irish Mirror.

The report has uncovered that job scams are now the fastest-growing type of fraud globally, with a staggering increase of 1,200 per cent in 2023. Revolut has stepped up, revealing that this year they’ve managed to thwart over €550 million in potential fraud losses, marking a significant jump of 130 per cent from the previous year.

Woody Malouf, Head of Financial Crime at Revolut, shared insights on the matter: “Having harnessed data from more than 500 million transactions per month, our dedicated fraud intelligence team has observed the evolution of job opportunity scams that prey on unsuspecting job hunters. Given the cost of living and high inflation, the number of reported job scams has dramatically increased.”

“Sadly, criminals prey on those seeking a legitimate way to improve their income, particularly young and often inexperienced job seekers. Our customers’ security is of paramount importance to us so please pay heed to this warning; we work tirelessly to identify patterns and spot unusual activity, helping our customers to stay ahead of emerging scam trends.”

Revolut’s findings serve as an educational tool for its users, highlighting the clear signs of such fraudulent schemes by scammers, and the company offers the following advice:

  • Observe our warnings. Revolut’s AI systems never sleep. They scan more than 10,000 transactions per minute and flag suspicious transactions in just a few seconds.
  • Stay alert. Always question things that seem too good to be true.
  • Trust your instincts. If something feels off, take a step back and investigate by doing your own research.
  • Be extra cautious. Use secure channels. Stick to trusted websites and platforms for transactions.
  • Report suspicious activity. If something seems suspicious, let Revolut know.

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