New Fake Credit Union Scam Alert

Urgent Scam Alert: Fake Credit Union App Fraud

How does it work?

The scammer, posing as a local buyer, instructs sellers to enter their IBAN details into the fake app. The fraudster then simulates a successful transfer of funds, making it appear as though the transaction has been completed.

Impacted individuals have encountered this scammer through social media marketplaces and other online platforms, where the scammer is purchasing items such as mobile phones and gaming consoles.

Numerous credit union members have contacted their institutions to verify whether payments have been received, only to realise they have been defrauded.

A recent development indicates that the scammer is now accompanied by others, leading some to feel intimidated in the encounter.

While credit unions have taken steps to inform their members, this scam is affecting individuals beyond their common bond. Therefore, a broader awareness campaign is necessary to warn the public.

We urge anyone who has encountered this scam to report it to the Gardaí.

Some victims have expressed feelings of embarrassment or shame about being deceived, but it is crucial to report such incidents to help prevent further fraud.

How to spot a fake banking app

We would like to make the public aware of another scam by fraudsters using a fake banking app. This is a very shrewd way of taking money from people and is specifically targeted. The target market for this scam appears to be websites which allow people to buy and sell new or used items online.

We recommend that you should be very vigilant of potential buyers who shows you a screen shot of a bank transfer like the one above, it has been used to wrongly claim that money has been transferred to your account. Also, as further evidence to deceive the seller, it has copied Credit Union logo onto the front-end screen. These fake apps are bought online and designed to mimic legitimate banking apps.

We highly advise that sellers on online platforms never release their goods until they have received payment, either as cash in hand or as a confirmed deposit in their bank account. Verifying your bank balance online is quick and easy, ensuring that the payment has been successfully processed before handing over the item.

As of January 9^th, 2025, all financial institutions must have the facility available to offer instant payments as an option. This would be the safest way to ensure that you receive the money for the goods you are selling. All bank /credit union/ savings /current accounts now have the ability to accept Sepa Instant payments, therefore if you are the seller you should inform the purchaser when agreeing the sale by credit transfer that you will only accept an instant payment to complete the transfer, it will ensure that if it is legitimate banking app the money will be in your account within 10 seconds and provides safety and security for the seller in preventing any face to face confrontation.

If you don’t have the cash don’t provide the goods.  Please report to Gardaí if you have been scammed by these fraudsters.

Protect yourself, your goods and your money.