Gardai say people are often too embarrassed to report investment scams.
The crime has risen 120 per cent during the pandemic with one man losing up to a quarter of a million euro.
It often involves elaborate websites promising to treble people’s investments.
Brendan Roche Crime Prevention Sargeant for the Waterford Division says it's the same as giving your cash to a stranger
"If you're going to invest in cryptocurrency or online systems, you go to an approved financial controller or advisor to give you the information in relation to that.
"It's the same as handing your money out to a stranger on the street if you invest in a pop-up on your system."