Irish consumers are being conned out of as much as €50,000 by new cryptocurrency scams.

FraudSMART is warning scammers are creating bogus companies and promising people massive returns on investments.

It says the recent hype around cryptocurrency has resulted in a sharp rise in these “get rich quick” scams and is launching a new awareness campaign to highlight the issue.

Brian Hayes from the Banking and Payments Federation said fraudsters are taking advantage of the hype around digital currencies.

He said in most cases things start with an unexpected phone call, email or social media message promising a great return on your investment.

“They try to bring you to a bogus site which is actually not an investment firm but a firm that is there only to scam you.

“If people are unexpectedly calling you or making contact with you, that is a sure sign that they are after your money and it’s important to be aware of that,” he said.

It is not just older people who are…

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