People are being contacted by text message, from individuals purporting to be from AIB, leading them to think their bank card has been compromised.
They are then asked to log onto a website in order to receive a new card.
As part of the process, they are requested to insert their pin number and other personal data.
Once this is completed they are requested to send the compromised card to one of three Dublin addresses, none of which are linked to AIB.
The Garda National Economic Crime Bureau (GNECB) are working very closely with AIB and other financial institutions, to identify those behind this fraud and those who receive or use the stolen data/cards.
An Garda Síochána are also urging all persons not to respond to such text messages, but instead to take a screenshot of the message, delete it and report to your local Garda station.
Superintendent Michael Cryan reiterated the importance of never giving out personal or sensitive details to unverified sources.
"I would encourage members of the public never to give out personal or sensitive information online unless you are sure of the source.
"Financial institutions will never contact you in this way and a bank will never request you to return your card in this manner," he said.
"I would encourage anyone who receives these text messages to take a screenshot of the text, delete the text and to report it to their bank and local Garda station," Superintendent Cryan continued.