Citibank Dublin fixed term dep (Scam warning)

Brendan Burgess said:
Some of the stuff was a bit unusual but not madly so.

These rates are generous but not the excessively generous ones usually associated with a scam.

Brendan
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Ah Brendan. 3% for 3 months???? The poor scammers can't be expected to offer more than that!!
 
Brendan Burgess said:
The closing date for applications to be accepted for the current advertised rates is 29th February 2023.
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Interestingly, errors like this are often made intentionally by scammers. The theory is it'll weed out people that will work out its a scam before handing over money. So whoever responds initially, there's a good chance they'll follow through. So you can invest time in every reply.

Sunny said:
Ah Brendan. 3% for 3 months???? The poor scammers can't be expected to offer more than that!!
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It puts their other rates to shame!

There are lots of red flags in the brochure, but it's not designed to trick you or I. There's lots of things in there that would make sense to people looking for a decent return on their deposits.

They've had success With this scam.

Another 'broker' type website was created the same day, and has showed up in sponsored ads on a few Google searches I've run today, so they're putting money into this, it's not just blanket mailing.

This specific brochure has been used in other jurisdictions before. The New Zealand FMA flagged this along wuth others in December, similar wording
"The company protect the investment up to $250,000 per investment. This is because the asset management company is a regulated entity. Complying in full to the terms of the New Zealand Financial Markets Authority (FMA). The term deposit rates within this investment are also covered by the Australian Government up to $250,000 per investment. Should the term deposit rates default, the asset management company will be required to pay the client back within 30 working days their total capital up to a value of $250,000 per investment. The profit on this investment is also covered in the event of liquidation or default of the bank.

- fake Citibank PDS"

How to identify a product disclosure statement (PDS) or prospectus scam

FMA has issued this article about how to identify and avoid PDS or prospectus scams as a result of an increase in fake investment documents targeting New Zealand investors.
www.fma.govt.nz www.fma.govt.nz
 
The spelling mistakes and other errors are, as RedOnion has pointed out, part of the scam.

The scam is like a funnel with a number of additional stages.

They don’t want smart or mildly smart people in the latter stages of the scam because that’s a waste of their time and resources on the basis that those people will fall away at the last hurdle and won’t write a cheque.

If they can get to a point where they’re only dealing with people who think February 2023 has 29 days and that the CEO of Citi writes the welcome letter for an Irish fixed term deposit, they can probably get those poor folks to do anything.
 
See below reply received from Citigroup secure mail

Thank you for notifying us of the email you received.



Citi does send our clients messages via Secure Email service; however, the email you received is a fraudulent phishing email not sent by Citi. Please forward the email as an attachment to spoof@citicorp.com and delete the message. If you have attempted to open any attachments or links within the email, please perform a full virus scan for any possible malware, spyware or viruses.



Additionally, you are welcome to access our Security information at www.citi.com for further information regarding phishing emails.



Best Regards,

S.J.

Citi Secure Email Helpdesk
 
Banking and Payments Federation have now warned about this.

www.independent.ie

Fake brochures, scam websites: how fraudsters are targeting over-55s and their life savings with elaborate investment scam

More retired people and pensioners are being targeted in sophisticated scams in which fraudsters are seeking investments of upwards of €20,000, banks have warned.
www.independent.ie www.independent.ie

Gardaí said most investment fraud involved cryptocurrency, fake investment managers, cloned websites or unregulated companies promising “once-in-a-lifetime opportunities” with fast and enormous returns.

“Victims then engage with the fraudsters online – they get sent impressive-looking charts and graphs,” the source said.

“After this, they often are in phone contact with the criminals and a trend seems to be that they end up speaking to someone who speaks with an upper-class British accent, which somehow makes the injured party feel reassured that the investment is safe – but they are being done.
 

FraudSMART is calling on the public to stay informed, alert, and secure and follow the tips below.​

From the BPFI press release

Red flags to look out for:

  • You are cold-called about an investment opportunity - i.e. you receive an unexpected telephone call/e-mail/social media message.
  • You are rushed and pressured into making a decision there and then, with no opportunity or time to consider the details of the investment.
  • There is a promise of a quick and profitable return on the investment with little or no risk.
Checklist to avoid investment scams:

  • Stop and think: Does this opportunity sound too good to be true? If so, it probably is.
  • Take your time: Important to note that there are very few legitimate investment opportunities that require you to hand over or transfer money immediately.
  • Research thoroughly: Check the individual and firm for qualifications, credentials, reputation and history. The Central Bank Consumer Hub is a good place to start.
  • Verify the Information: Check all information with a trusted third party such as a legal/financial professional and consult family and close friends.

They should have mentioned not to respond to any ads appearing on social media or sent to you by email. Ah, I see that they mention it in "Cold called" I thought that cold called meant a phone call and not an email.

Brendan
 
Det Chief Supt Lordan told the briefing: “If you’ve invested with Citibank in the last couple of weeks, talk to me afterwards because you probably won’t get your money back. That’s the bad news.” He said that the “guy on the phone is brilliant” and has convinced people to invest in fraudulent products with the promise of low interest rates.

This guy must be brilliant. Usually, they convince people to invest with the promise of high interest rates!
 
Brendan Burgess said:
Det Chief Supt Lordan told the briefing: “If you’ve invested with Citibank in the last couple of weeks, talk to me afterwards because you probably won’t get your money back. That’s the bad news.” He said that the “guy on the phone is brilliant” and has convinced people to invest in fraudulent products with the promise of low interest rates.

This guy must be brilliant. Usually, they convince people to invest with the promise of high interest rates!
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Is he implying that that's the good news?
 
With thanks to RedOnion, I was quite suspicious of irelandsbestrates.com and bondrates.org - avoid!
 
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