Tag: #bankofireland

Digital money management service Mi 365 rolled out to Bank of Ireland customers

Bank of Ireland has introduced a new digital money management service – Money Insights 365 (Mi 365) – for all personal customers. Available on the Bank of Ireland mobile app, Mi 365 helps customers take more control of their money by providing them with over 40 insights into their spending.

Mi 365 allows Bank of Ireland personal customers to:

  • Access personalised insights on their spending, including average monthly spend with particular retailers
  • Easily track money in and out, including unexpected payments or refunds
  • Review cash flow spend data on their account for up to six months
  • Spot changes in spending they might need to keep an eye on, for example on groceries, clothing or entertainment

Mi 365 will also show where customers may have duplicate transactions leaving their account – such as similar online subscriptions – highlighting where a saving could be made. The introduction of Mi 365 is one of a range of measures the Bank has taken to help customers understand and manage day-to-day spending, as part of the Bank’s commitment to support and enhance customer financial wellbeing.

Susan Russell, Director of Retail Ireland, Bank of Ireland said: “Research shows that almost 70% of adults need help with tracking spending. Mi 365 responds to this by providing insights, alerts and interventions so that we can manage our money better.

 “It can be hard to find the time to track your spending day-in day-out. Mi 365 does a lot of the heavy lifting by presenting customers with a range of individual spending insights. The service is a core part of our mobile banking app which has more than 800,000 log-ins every day, making it the most popular way for our customers to manage their money. 

 “This is another practical addition to the financial wellbeing supports we offer over 2 million customers in Ireland. We look forward to continuing to expand these supports into the future.”

Mi 365 Insights appears automatically under the customer account information on the home page of the Bank of Ireland app.  A carousel is presented with the three latest insights and an insight inbox retains all previously shown insights for 35 days.  Personal customers can view insights drawn from their current account, joint current account, and credit card account activity.

For information on Bank of Ireland’s financial wellbeing resources: Bank of Ireland Financial Wellbeing

Bank of Ireland SMS scam you need to be careful of. Scams #SMS #BankOfIreland

Updated – Again this scam is going on we first brought this to the banks attention back in April 2020 before any of the media did, Some media think this is new regarding the identifier when in fact it is almost two years old.

We are all aware of the scams going around with the banks of late and some we have reported on before but this one took  interest today when it came through on my phone via SMS. Yes there is SMS going around too and some without or without an identifier on the SMS ie a sender or reference on top and if you are a BOI customer you will understand the problem here.

As seen in the tweet above if you are a customer of BOI you may already have an SMS on your device in a thread such as I do from BOI which is fine and legit but the text now continues in the same thread giving it a more genuine look and as if it came from your bank and if you click on the link in the SMS it lands you on a page identical to BOI which is then where the scammers will catch you out and you have handed over all your details.

BOI perhaps did not understand the question here as they include another party in the conversation as it was me who got the text but contacted me via DM and then got the message and are now looking into the matter, best thing to do is for those whom maybe a new BOI customer is delete the current threads to start with and also check the identifier on top too and do not open any link sent via SMS no matter what is says or how good it may appear.

New online banking features give customers card control at their fingertips

Bank of Ireland has introduced a range of new features designed to give more control to how customers manage their debit and credit cards through online banking channels, including the mobile banking app and 365 desktop.  The new card management and control features will make a range of everyday transactions easier than ever for Bank of Ireland customers by adding self-service card management features.

Available now through smartphone or desktop, the features will enable customers to:

  • Activate a new debit or credit card for online transactions
  • Freeze/unfreeze card – in the event of a misplaced card
  • View card PIN instantly – in case you forget it
  • Order replacement debit or credit cards without having to call the bank
  • Set up credit or debit card for Apple Pay
  • Set up debit card for Google Pay

Discussing the introduction of the new features, Director of Digital Centre of Excellence at Bank of Ireland, Christine Hamill said:

“The financial wellbeing of our customers is a top priority for us, meaning we are committed to giving customers more control over their money.  These new capabilities do exactly that, by enabling our customers to manage even more aspects of their day to day finances in a safe and secure way, using our mobile app or desktop, and without having to call us or visit a branch, if they chose to do this. We look forward to bringing more new features to customers over the coming months.”

For more information, please visit BankofIreland.com/CardControls

Bank of Ireland sms scam. Here is what to look for. #scams #phishing

It would be fair to say pretty much everyone has a pain in their backside with the scams that are going around now and there is plenty of them and it was only a matter of time before I got one of the latest banking scams and that landed this morning. Having a quick look into it there is several versions of the sms scam which comes up as BOI SUPPORT as the send which will be on top of your screen, if I get an sms from BOI it comes up as BOI and you should be aware of the identifier up on the top of your device and remove old messages if you have any as they can and do come up in the same thread and you might not stop and think about it, this happened me last year so it is something to take down and note.

Above is a sample of what I got and what you can expect to see land on your device so beware and delete and do not click on any links but for those that do (i do to check these things out). Anyway this is what to watch out for and just delete these from your device straight away.,. Check out more – bank of ireland security zone

January Spending Levels Plummet as Lockdown Restrictions Hit Home.

Bank of Ireland debit card spending analysis for January has revealed a steep decline in consumer spending activity, as the spike witnessed before and during the Christmas period declined significantly. Some issues I have noted is the lack of transparency with stores here online and from contacting around ten Irish retail stores here asking about where their products shipped from they did not respond be it on social media or email which does  not bode well with any customer when now is the time for them to be up front and honest and try capitalise on their web shops here. I am one to support the shop local initiative however this is dwindling by the day and I will make my purchase elsewhere online outside Ireland.

Whilst charitable donations rose steeply in the final month of 2020, these levels suffered at the beginning of 2021, with a 53% month on month drop. Purchases of sporting apparel in January fell by 66% even though the first month of a new year is often seen as the best time to kick-start a fitness programme.

January spending trends also revealed that the fizz has gone out of spending on beer, wine and liquor as shoppers bought less of these items at the beginning of 2021, with a 57% drop recorded. This was in stark contrast to December as people stocked up for the Christmas festivities, with spending on beer, wine and liquors rising sharply.

Elsewhere the tightening of belts remained constant across the wider retail sector in January, with spending on clothes dropping a massive 70%, spending in hardware stores falling over a third month on month (-37%), while consumers appeared to be satisfied with their December purchases of electronic and software items as spending levels in this area dropped by 24%.

Commenting on these debit card spending patterns, Ger Thompson, Head of Current Account Banking at Bank of Ireland said: “January saw the majority of people ease back on their spending, which was to be expected after the series of spending spikes we witnessed across various retail sectors in the run up to Christmas. Notably in January we saw a drop of 41% in retail spending, including falls in purchases of sporting equipment and electrical equipment.

In addition and perhaps not surprisingly, we also saw “social” spending half in the month of January – with fast food outlets witnessing a spending decrease of 34%, restaurant spend down over 60% and pubs suffering a massive fall off in purchases (88%) as the COVID-19 lockdown restrictions really hit home.

 The hope amongst consumers must be that the current restrictions will be eased in the coming months and that some sense of normality can resume. Spending on memberships only dipped by 17% in January, which is a low figure relative to the drops we’ve seen elsewhere. So it is clear that plenty of people still retain hope in this early stage of 2021 that they will resume the sports or social activities they enjoy sooner rather than later.” 

 Bank of Ireland debit card transactions – January 2021 versus December 2020

Down ↓
Pubs                                        -88%
Clothing                                  -70%
Sporting Goods                     -66%
Restaurants                           -62%
Charity donations                 -53%
Bakeries                                 -46%
Bicycle shops                         -45%
Electrical & Software           -24%

Fraud Alert: Bank of Ireland urge increased vigilance against investment scams from fake or unregulated investment firms. #Fraud #Investments

Bank of Ireland has issued a fraud alert today urging extra vigilance against investment fraud.  Following an increase in reports of incidence of investment fraud the Bank is strongly advising consumers to be alert to investment scams being carried out by false and unregulated companies offering fake investment opportunities.

Describing how investment scams can operate, Edel McDermott, Head of Fraud at Bank of Ireland said: “There has been a notable increase in false and unregulated companies offering convincing investment opportunities promising a quick profit.  For example, they might be selling cryptocurrencies or offering bonds and share investments that do not exist.  A consumer or investor who falls victim to these companies and hands over money is unlikely to see their money again.  There is unfortunately no redress for a consumer or investor who hands over money to an unregulated firm.  By being aware of how these false companies turn up and the tactics that they use, consumers and investors can take steps to protect themselves against fraud and financial loss”. 

Common ways to encounter these bogus companies and warning signs include:

Internet search:  Bogus firms online may appear when searching for investment opportunities or via pop-up message on a website or through social media.

False endorsement: Online article where a celebrity appears to promote an investment or tells a story about how much they made from it.

Cold calls: Unsolicited calls or emails from someone who claims to be from a legitimate investment company who puts pressure on the consumer to take advantage of an urgent opportunity.

How consumers can protect themselves from these scams: 

  • Do not respond to cold calls and don’t be rushed into investing your money.
  • Be suspicious of any offers that guarantee a return or a large profit.
  • Research the company and check the Central Bank register before making any investment.

Many of these firms might appear to have legitimate websites and convincing products or investor ‘log in’ to check your investment.  To safeguard against this, consumers and investors are urged to ensure that any company they are considering investing with is a regulated firm by checking the Central Bank of Ireland register (ROI) or Financial Conduct Authority (UK).  If a firm is not listed, do not invest with them. 

Bank of Ireland is committed to building awareness around fraud, including investment fraud of this nature. Bank of Ireland will continue to focus on the issues around fraud, through the Bank’s own channels and by working collaboratively through the Bank and Payments Federation of Ireland (BPFI) FraudSMART campaign.

Useful Links in the fight against fraud:

https://www.bankofireland.com/security-zone/

http://registers.centralbank.ie/Home.aspx

https://register.fca.org.uk/s/

www.fraudsmart.ie

Bank of Ireland customers who think they have been the victim of this type of fraud, should contact the Bank as soon as possible.

https://www.bankofireland.com/security-zone/report-fraud/

Buyer Beware! Consumers worried about fraudsters survey reveals. #Fraud #Scams #Shopping #online

More than six in ten (62%) consumers are worried about being targeted by online fraudsters and over four in ten (43%) feel more exposed to online fraud threats due to being online more since COVID-19, according to research by Bank of Ireland. The survey also found that almost six in ten (58%) intend to shop more online this Christmas compared to last year and nine in ten consumers are now banking or shopping online. In recent weeks we have seen several scams which we posted here and now you need to be more vigilant than ever and always remember if it looks to good to be true it probably is as the saying goes

The study of 1,000 consumers was carried out as Bank of Ireland launches the most extensive public awareness campaign on fraud by any bank in Ireland. Fronted by TV personality Baz Ashmawy and running across TV, radio and social media through November and December, the campaign aims to remind consumers to be alert for potential fraud and provides guidance in the lead up to Christmas. Fraud awareness and prevention is a critical part of Bank of Ireland’s Financial Wellbeing Programme for customers.


Pictured above  – Gavin Kelly, CEO, Retail Ireland, Bank of Ireland and Baz Ashmawy.

The research also shows that over half (53%) admit to spending more time shopping online since the onset of COVID-19, rising to two thirds (66%) of 18 – 34 year olds. Four in five (80%) consumers are opting to use debit and credit cards in place of cash during the pandemic. More than half (55%) of consumers indicated they have received a fraudulent email, text message or call claiming to be from their bank in the past, while seven in ten (69%) say they regularly consider the threat of fraud when online.

Commenting on fraud, Gavin Kelly, CEO Retail Ireland, Bank of Ireland said: “Due to COVID-19 we’re all spending a lot more time online – for work, keeping in touch with people, and shopping – which means we are more susceptible to fraud. As we head towards the Christmas period, at Bank of Ireland we are ramping up our efforts to remind people to remain vigilant, particularly when online.

“With Level 5 restrictions now in force and many retail outlets shuttered across the country, online activity will spike even further in the coming weeks. Our research shows that over half of us have received a fraudulent email, text message or call claiming to be from our bank, and this trend is very likely to continue as our use of cards, online shopping and digital banking continues to increase. Our new nationwide fraud awareness campaign will help protect customers’ financial wellbeing and emphasises that by working together we won’t let the criminals win.

 “Fraudsters target customers of banks, utility companies, postal, taxation and social welfare services and other organisations. They are active day in, day out, 24/7. We see the stress it causes for consumers and businesses on an ongoing basis. As a bank we have a responsibility to be extremely vigilant to these attacks and to advise our customers how to deal with the various threats. We will never text, send emails or call a customer looking for their confidential banking details. You can forward any suspicious emails or texts to us at 365Security@boi.com and if anyone is concerned that their account or personal information has been compromised, they should call our 24/7 freephone line 1800 946 764.”

 

The research also revealed:

  • 66% believe they know the kind of tactics used by fraudsters in attempting to steal their money.
  • 95% said they would have little or no trust in receiving a text message or e-mail from their bank with a link requesting them to login to internet banking.
  • One in four (25%) feel comfortable sharing their personal information, rising to one in three (33%) of 18-34 year olds.

For more advice and information on fraud, visit www.bankofireland.com/security or www.fraudsmart.ie

The research was commissioned with RED C and the survey was conducted from 8th to 13th October 2020 with a national representative sample of 1000 respondents.