People are being encouraged to be on the alert for new 'get rich quick' cryptocurrency scams.
FraudSMART says they generally begin with a cold call or email from a bogus company promising massive returns on investment.
It says the recent hype around digital currencies has resulted in a sharp rise, with some victims losing as much as 50,000 euro.
Brian Hayes from the Banking and Payments Federation says people need to be extremely careful.
"Many of these companies are scams, they're only there to take your money.
"For people with life savings, they can lose those life savings, but also the younger cohort of people, people in their 20s and 30s are also losing money.
"We're seeing applications for lending to customers which can then translate to investing in these scams.
"It's really important that people are aware that this scam is doing the rounds at the moment."
