Dublin: Payment fraud in Ireland rose sharply in 2024, with a 40% increase in fraudulent transactions compared to 2023, according to the Central Bank’s Payment Fraud Statistics. The total value of fraudulent payments climbed to €160 million, a rise of nearly 25% year-on-year.
The surge was driven mainly by e-money fraud and money remittances, which saw dramatic increases. E-money payment fraud jumped from €3.3 million to €25.6 million, while fraudulent remittances more than doubled from €8.2 million to €20.4 million.
Although card payment fraud rose slightly, fraud involving credit transfers, direct debits, and cheques declined. More than 75% of all payment fraud occurred online.
Niamh Davenport, Head of Financial Crime at the Banking and Payments Federation Ireland (BPFI), said both individuals and institutions share responsibility in combating fraud.
Davenport highlighted new SEPA name-checking tools and transaction monitoring as key banking measures, urging consumers to use scamchecker. i.e., to verify websites before making payments.
BPFI’s FraudSmart research found that one in five online shoppers in Ireland lost money to scams last year, with some victims losing thousands of euro.
Davenport noted that while Ireland is in line with the European average for scam activity, cross-border fraud is increasing as criminals exploit instant payments and operate internationally.
She added that Ireland’s cross-sector collaboration, including a shared fraud database and the Anti-Fraud Forum, is helping the country take a proactive approach to preventing future scams.
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