Payment fraud in Ireland up 27% to €179m, Central Bank report reveals

Payment fraud in Ireland rose 27% last year to €179 million, with nearly 70% of fraudulent payments sent to accounts outside the country.

Ireland's payment fraud bill hits €179 million as push payment scams surge

Google News IE — Crime (en) reports that payment fraud in Ireland climbed 27% last year, reaching a total value of €179 million, according to a new report from the Central Bank of Ireland.

The report found that fraud affects approximately one in every 10,000 payment transactions. Authorised push payment fraud — where fraudsters use social engineering to deceive consumers into approving transfers — now accounts for 45% of total fraud by value.

Payments directed to accounts outside Ireland dominated the figures, representing almost 70% of all fraudulent payment value, amounting to more than €124 million.

Deputy Governor for Consumer and Investor Protection Colm Kincaid said all actors in the financial system, from banks to technology companies, need to continue improving their systems and controls to reduce the likelihood of such frauds occurring. Where fraud does occur, Kincaid said, firms must provide appropriate and timely support to affected consumers.

Source: Google News IE — Crime (en)