Huge numbers exposed to scam adverts online featuring well-known personalities

And large numbers of these people said they were specifically targeted by a fraudulent advert on a social media platform, research commissioned by Bank of Ireland indicates.

The research, conducted by Red C, found that one third of those surveyed said they had been targeted by a fraudulent advert on a social media platform.

When these respondents were asked to identify the platform, 65pc identified Facebook, and 28pc identified Instagram. Other platforms including X (Twitter), TikTok and Snapchat also featured.

The impersonation of well-known people and media organisations is a tactic used regularly in fraudulent ads to trick consumers into fake crypto investments, bond purchases, or savings products.

This list of those impersonated includes individuals such as President Michael D Higgins, An Taoiseach Simon Harris, An Tánaiste Micheal Martin, former Taoiseach Leo Varadkar, businessman Denis O'Brien, broadcaster Dáithí Ó Sé, TV presenter Brian Dowling and comedian Tommy Tiernan.

Adverts can also include links to fake websites impersonating RTE, the 'Irish Independent', 'Forbes', 'The Irish News', BBC News, the 'Irish Mirror', and many others.

In advance of International Fraud Awareness Week, the research found that 90pc of the population believe fraud is a big problem in Irish society. They said that fake online purchase scams are the most common way for consumers to lose money.

Head of fraud at Bank of Ireland Nicola Sadlier said: "Fraudulent adverts are a blight on social media platforms. These adverts are all about one thing – the theft of money from consumers and businesses by criminals. They cause harm to people, the financial services system, and the economy."

She said much more needs to be done to tackle the false advertising. "One common-sense step would be to ensure that online platforms check that adverts are from companies that are regulated to sell financial products and services. The current approach, which is allowing fraudsters run fake ads that impersonate celebrities, politicians, and legitimate media organisations – all with the aim of stealing money – is clearly broken."

The survey found that the majority of people report fraud to their bank, followed by contact with the Gardai. When asked to select all parties they believe responsible for protecting people from fraud in Ireland some 66pc selected banks and financial services companies.

Also said to be responsible for protecting people were the Gardai, mobile phone and social media companies. Some 60pc of the population believe they themselves have a role.

Bank of Ireland also called priority to be given to the introduction of a shared fraud database in Ireland. Financial institutions, utility companies, and payment companies are not allowed to share details of fraud amongst themselves.

A shared fraud database would facilitate the sharing of important fraud related information and would help to prevent customer losses more swiftly.