Payment fraud increased by 27 % last year to a total value of €179 million.
A new report from the Central Bank of Ireland shows fraud affects about 1 in 10,000 payment transactions.
Authorised push payment fraud—where fraudsters gain trust by using social engineering to deceive consumers into authorising payments—now accounts for 45 per cent of total fraud by value.
Payments sent to accounts located outside of Ireland dominate payment fraud and accounted for almost 70 per cent of the total fraudulent payment value, amounting to over €124 million.
Deputy Governor for Consumer and Investor Protection Colm Kincaid says all actors in the system, from financial firms to technology companies, need to continue to improve their systems and controls to reduce the likelihood of these frauds occurring.
And where fraud does occur, firms need to provide appropriate and timely support to affected consumers.
