Tag: #fraud

Fraudsters try to make every day April Fool’s Day

This April 1st, Bank of Ireland is warning customers that fraudsters don’t just try to fool you for one day, they are always active and financial fraud can lead to devastating loss of income and savings. The Bank is reminding customers about the top ten fraud types currently reported to its 24/7 fraud team.

According to Bank of Ireland’s fraud reporting data, the most concerning fraud type being used to target customers is investment scams, with smishing texts and vishing calls following closely behind. Further down the list, yet becoming more prevalent, are malware attacks where fraudsters gain access to customers’ devices and access private information, including their banking app.

The 10 most commonly reported frauds are:

  1. Investment scams – promising higher returns on investments that don’t exist.
  2. Smishing texts – scam texts claiming to be from delivery companies and other providers urging you to pay outstanding charges or update account details.
  3. Vishing calls – fraudsters pretend to be from your bank, saying your account has been compromised and they need to move your money to a ‘safe account’.
  4. Purchase scams – fake adverts on genuine websites and social media platforms that promise a slashed price or bargain.
  5. Romance scams – fraudsters build relationships online to manipulate victims into sending them money.
  6. Family impersonation – fake messages pretending to be from a family member who has lost their phone and needs access to money.
  7. Rental and holiday scams – fraudsters trick people into paying rent for property that doesn’t exist or is not actually available to rent.
  8. Money mules – criminals try to recruit people into receiving stolen money into their account, then transfer it to another account and keep some of the cash for themselves as ‘payment’.
  9. Malware – harmful apps that ask for full control of your device allowing fraudsters to control your phone and access private information like your banking app.
  10. Phishing emails – fraudsters send emails that look like they’re from legitimate companies, asking for personal information or login credentials.

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Fraudsters don’t just try to fool you for one day, they never take a break and are always on. Our latest fraud reporting data shows that investment fraud is still the most concerning scam targeting our customers. The level of highly personalised targeting, with fraudsters promising higher returns on bogus schemes, continues to grow. Smishing texts and vishing attempts continue on a persistent basis. Fraudulent advertisements online and on social media have been the subject of regular warnings for some time and the trend is not going away. And some new types of fraud including accessing devices using malware are happening more often.

“All fraud types are serious criminal activity and there is no room for complacency. Being alert to the ‘red flags’ – including ‘too good to be true’ returns and pressure to act quickly – is vital.

“Bank of Ireland offers a 24/7 fraud telephone support for customers on 1800 946 764, available every day of the year. We encourage our customers to put this number in their phone, so they have easy access to it if they ever need it.”

For detailed advice and information on how to stay safe from all types of financial fraud, visit the Security Zone on Bank of Ireland’s website.

Red flags of Investment Fraud:

  • Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
  • Higher/fast returns: They promise a quick and profitable return, with little or no risk.
  • Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime”.
  • Celebrity Endorsements: Be wary where the investment is being endorsed by celebrities – they may not know their name is attached to the advertisement.
  • Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).

Remember, Bank of Ireland will never:

  • Send you a text or email with a link directly to the login page of our online banking channels asking you to confirm or update your banking details
  • Ask you to click a link in a message with an urgent warning about suspicious activity on your account
  • Ask you to transfer money out of your account to protect you from fraud
  • Ask you to send us back your bank card.

 

Don’t ever share:

  • Your full six-digit 365 PIN or Business On Line credentials
  • Any one-time activation codes or codes from your Business On Line Approve app
  • Your four-digit card PIN.

Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds. Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.

How AI is Revolutionizing the Financial Industry?

Artificial intelligence (AI) is changing the way financial institutions operate. From preventing fraud to helping people manage their money more effectively, AI is becoming essential to the financial world. Banks, lenders, investment firms, and even insurance companies use AI to improve efficiency, reduce risks, and enhance customer experiences.

For many people, AI in finance still feels like a complex topic. But AI already influences how we borrow money, invest, and even protect our personal data. This article will explain how AI transforms finance, making financial services smarter, safer, and more accessible.

AI in Fraud Detection

Financial fraud is a multi-billion-dollar problem. In 2023, the Federal Trade Commission (FTC) reported that fraud losses in the U.S. exceeded $10 billion. AI is now a key player in detecting and preventing fraud before it causes significant damage.

Here’s how AI helps fight fraud in real life:

  • Account protection. If someone tries to log in from an unfamiliar device or unexpectedly changes settings, AI notices and blocks suspicious activity.
  • Detection of fake documents. Fraudsters create fake IDs using stolen data, but AI scans financial databases and finds discrepancies, preventing them from opening fictitious accounts.
  • Biometric security. Banks actively use AI for facial recognition and voice authentication to make sure that the client is them and not a fraudster.
  • Instant transaction monitoring. AI analyzes millions of transactions per second, identifying suspicious patterns — for example, frequent small write-offs, unusual places of purchase, or quick transfers between accounts. This is how Mastercard leverages its AI capabilities to fight real-time payment scams.

AI in Credit Scoring

Previously, banks assessed borrowers based on limited criteria: credit history, debt level, and payment regularity. But, artificial intelligence makes this process more accurate by taking into account more factors and reducing the risk of errors.

Here’s what has changed since the introduction of artificial intelligence in finance:

  • Wider data analysis. Now, lenders look not only at traditional indicators, but also take into account rent payments, utility bills, and account transactions. This gives a chance to those who do not have a long credit history but have a stable income.
  • Applications are quickly approved. If a loan decision took several days previously, AI analyzes data in real-time and provides a result in minutes.
  • Less bias. With the development of AI, assessing borrowers has become more accurate. This is also noted by financial expert John Reeves from Magnolia Loans: “AI eliminates the human factor in credit scoring, which reduces the risk of errors and increases objectivity in decision-making.”
  • Personalized conditions. Instead of outdated models, banks can now offer interest rates more accurately reflect the borrower’s financial situation.

AI in Risk Management

Risk management is a top priority for financial institutions. Whether assessing borrowers’ creditworthiness, protecting investments, or ensuring stability in financial markets, AI is increasingly important in improving risk management efficiency and accuracy.

Here’s how financial artificial intelligence is helping with risk management today:

  • Market risk assessment. Hedge funds and investment firms, including BlackRock and Goldman Sachs, use AI-powered models to analyze market trends and predict fluctuations. This helps investors minimize losses during economic downturns.
  • Loan default prediction. AI models analyze borrowers’ credit histories, income levels,  employment stability, and even spending patterns to predict the likelihood of default.
  • Cybersecurity risk detection. AI detects vulnerabilities in banking systems, identifying patterns that indicate hacking attempts or data breaches before they happen.
  • Real-time transaction monitoring. AI-powered software, such as Fiserv’s Risk & Fraud Solutions, monitors real-time banking transactions, identifying potential fraud or financial instability.

AI in Customer Service

AI in banking and finance is changing the way we interact with customers. Chatbots, virtual assistants, and AI-powered customer service tools make banking more efficient by answering questions, solving problems, and offering financial advice.

Many major banks provide AI-powered virtual assistants that help customers with everything from checking their balances to scheduling bill payments. These AI-powered assistants reduce the workload on the call center and instantly answer common banking queries.

AI is also improving customer personalization. For example, AI-powered recommendation systems analyze spending habits and suggest savings plans, credit card upgrades, or investment opportunities based on the user’s financial behavior.

Another key benefit is accessibility. Voice assistants and chatbots in consumer finance allow customers to interact with their banks 24/7 without waiting for a human agent. This ensures that people can get help anytime, whether verifying a transaction or disputing a payment.

AI in Investment Strategies

Investing is no longer limited to professionals. AI-powered tools help individuals and companies make smarter investment decisions by analyzing market trends, risks, and opportunities faster than any human could.

Here’s how AI is used in investing today:

  • Automated portfolio management. Robo-advisors use AI to create and rebalance portfolios based on a user’s financial goals and risk appetite.
  • Market trend analysis. AI-powered software scans news articles, earnings reports, and stock price movements to identify profitable investment opportunities. Bloomberg Terminal integrates AI-powered analytics to help investors make informed decisions.
  • Algorithmic trading. Hedge funds use AI to automate trading strategies, reducing the need for emotional decision-making and improving trade execution.
  • Alternative data analysis. AI processes non-traditional data sources, such as satellite imagery and social media sentiment, to predict stock performance.

AI in Compliance

Regulatory compliance is a major challenge for banks, but AI is helping institutions stay within the law by automating complex reporting and monitoring processes.

Banks must comply with regulations such as the Bank Secrecy Act (BSA) and Dodd-Frank Act, which mandate strict anti-money laundering (AML) policies. AI helps by scanning transactions and detecting potential money laundering schemes. Software from companies like FICO and SAS uses AI to analyze financial activity and flag suspicious transactions for further investigation.

Another area where AI is making compliance easier is data protection. Regulations like the Gramm-Leach-Bliley Act (GLBA) require banks to safeguard customer information. AI-powered cybersecurity tools detect vulnerabilities in banking systems and prevent data breaches.

The Dark Side of Artificial Intelligence in Financial Services

AI in finance comes with risks and ethical concerns that need careful oversight.

Here are the main problems and risks:

  • Data privacy concerns. AI systems collect massive amounts of financial data, increasing the risk of security breaches.
  • Algorithmic bias. If AI models are trained on biased data, they can reinforce discrimination in lending and hiring decisions.
  • There is a lack of transparency. AI-powered financial models often operate as “black boxes,” making it difficult to understand how decisions are made.
  • Cybersecurity threats. Cybersecurity threats continue to increase, especially from hackers using artificial intelligence. These hackers conduct sophisticated phishing, social engineering, and voice and video cloning attacks, which threaten the security of AI-based financial systems.

Is There a Future for AI in Banking and Financial Services? 

In the future, artificial intelligence (AI) will become an integral part of financial services, helping to create safer, more efficient, and personalized solutions for consumers. AI is expected to be more deeply integrated into various aspects of the financial sector, from risk assessment to fraud prevention, opening up new horizons for improving the quality of service.

One of the most significant changes will be the mass adoption of AI-based voice banking. This technology will allow customers to safely manage their accounts, make transfers, and receive advice using voice commands. Systems such as voice assistants and chatbots can already understand and process requests, but they will be significantly improved in the future. AI will learn to recognize context, intonation, and nuances of speech, providing customers with more personalized and efficient services.

Fraud has always been one of the biggest problems in the financial sector, and AI will play a key role in its prevention in the future. Today’s systems already use algorithms to analyze transactions and identify suspicious activity, but in the coming years, AI will become even more accurate and faster at detecting fraud. Systems will be able to respond to current threats and predict new types of fraud, adapting to the constantly changing methods of attackers. This will allow the blocking of unwanted transactions and the warning of clients about possible risks in real-time.

Robo-advisors using AI are already helping investors make decisions based on analytics and current market trends. In the future, these technologies will be even more advanced, with the ability to personalize advice for each client based on their financial goals, risk tolerance, and life circumstances. AI will analyze large amounts of data, including historical trends, customer behavior, and economic forecasts, to provide recommendations that best suit individual needs.

However, introducing AI in banking and finance will raise new ethical questions. How will fairness and transparency in decision-making be ensured? Who will be held responsible if AI makes a mistake? In the future, new rules and standards will be developed to regulate the use of AI to prevent possible risks associated with discrimination, unauthorized access to data, and violation of consumer rights. These measures will create a balanced and safe interaction between people and artificial intelligence in the financial sector.

 

BOI – Urgent Fraud Alert – Live Chat Scam

Bank of Ireland is warning businesses about a recent increase in ‘Live chat’ scams. Fraudsters are mainly targeting business banking customers with this scam, duping them into allowing remote access to their computers and bank accounts.

Fraudsters are calling customers pretending to be from Bank of Ireland, claiming that their account has been compromised, directing them to a live chat service or to download software to your computer, and asking for card details, online banking details and activation codes.

 What happens?

  • The customer gets a phone call from someone claiming to be from Bank of Ireland.
  • The caller asks the customer to log into their online banking as normal.
  • The caller (fraudster) then asks the customer to go to another new website address, saying that this is: “for a live chat service” or “to verify the customer’s PC”, but in reality it allows the fraudster remote access to the customer’s PC. The fraudster can now see the customer’s screen and access all of the customer’s files and programmes.
  • The caller will set up payments on the customer’s online banking and ask the customer to read out the one-time codes from their BOI app to approve the payments.

 

Bank of Ireland’s advice

  • If you get a call from someone who asks you to go to a website or to click on a link that they will send to you, just hang up.
  • Never allow a caller to take remote access of your PC.
  • If someone asks you for a one-time code from your online banking app, they are a fraudster. Never, ever share those codes with anyone, even if they say they are from Bank of Ireland.
  • Be very careful when logging on to your online banking website. The safest thing is to type in the website address yourself or to log in through the main Bank of Ireland website at bankofireland.com

 

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “We’ve had an increase in reports into our fraud line in recent days so we want to warn businesses in particular to be extremely alert to this scam. Fraudsters try to convince people to allow access to their PCs via a fake ‘live chat’, where they can then access business customers’ online banking, and other personal files and information. Never allow a caller to take remote access of your PC.  If someone asks you for a one-time code from your online banking app, they are a fraudster.  Never share those codes with anyone, even if they say they are from your bank. If you get a call like this, just hang up.”

Google’s approach to help tackle online scams and fraud in Ireland

Google is making changes in Ireland to help tackle online scams and fraud, including some detail on Google’s broader approach to tackling these issues. Preventing fraud and scams on its platforms is critically important to Google.

About the update

  • Google will shortly notify customers that it is updating its financial services verification process to introduce new requirements for advertisers promoting financial services in Ireland.

  • The update will allow Google to require Financial Services advertisers to complete verification based on their authorisation from the Central Bank of Ireland or other appropriate regulator. Advertises who are required to complete the process and do not, will not be allowed to show financial services ads. Google is working with customers to ensure this process goes smoothly.

  • This change is part of Google’s ongoing efforts to tackle fraudulent or scam ads.

Google’s broader approach

  • Preventing fraud and scams on our platforms is critically important to Google. Fraudsters are constantly evolving their tactics – both online and off – to try to scam people and businesses alike.

  • Google is tackling this adversarial behaviour in a number of ways including:

    • Introducing and updating policies and programs to prevent abuse including Google Ads Policy, advertiser identity verification program and business operations verification program.

    • Investing in technology to better detect coordinated adversarial behaviour, allowing Google to connect the dots across accounts and suspend multiple bad actors at once.

    • Improving its automated detection technology and human review processes based on, for example, previous account activity and user feedback.

  • We know we are successfully preventing many bad advertisers from placing ads – you can read more detail in our latest ads safety report – but, as you know, this is a complex and evolving challenge and we must constantly find ways to improve.

  • We continue to work closely with industry partners, regulators, policymakers and other stakeholders.

F-Secure Adds Industry-Leading Scam Protection Capabilities to F-Secure Total

 F-Secure, a global leader in consumer cyber security, today announces that F-Secure Total, its online security application, will now host several new features specifically designed to protect consumers against scams by utilising AI. These new advanced features protect users against the most prevalent scams in the digital world, which consumers are exposed to while going about their daily lives.

The seven new features include:

  • Shopping Protection

  • SMS Scam Protection

  • Banking Protection

  • Browsing & Phishing Protection

  • Wi-Fi Protection

  • Cookie Popup Blocker

  • Ad Blocker

New AI integration means F-Secure Total users can now have scam SMS messages immediately deleted/flagged. Users also receive a pop-up warning on an unsecure site or see if they are entering a safe banking or payment site. This level of constant monitoring is unique to F-Secure Total.

Responding to one of the biggest consumer threats today

The suite of protection features has been developed as a response to the increasing number of scams faced by consumers. Research from the Global Anti-Scam Alliance (GASA), of which F-Secure is a member, found that £119.6 billion ($159bn) was lost to scams in 2023 alone, with 73% of consumers now encountering a scam monthly. At the same time many consumers can find cyber security confusing and are unsure how best to protect themselves.

These industry leading features, along with a dedicated Scam Protection Engineering Team, mark the new direction for F-Secure as it sets out to be the number one provider of scam protection.

Timo Laaksonen, President and CEO at F-Secure says: “The biggest online threat to the modern-day consumer is scams. We have seen the issue increase year-on-year not only in volume but in credibility and effectiveness. As a company we are committed to providing a complete solution that keeps our customers safe across their digital lives. Thanks to AI we are now able to fight back against even the most sophisticated scams and provide safety across a number of areas. These new features are just the beginning for F-Secure as we continue to pioneer in scam protection.”

The new features will be rolled out on F-Secure Total throughout the rest of this year, and include:

Shopping Protection

A completely unique feature, F-Secure Total will now provide clear real-time reliability ratings for online stores and block malicious sites while users browse. Not only does this feature help prevent a potential scam, it also helps to improve awareness and to ensure users avoid questionable online stores.

Available now on desktop and mobile platforms.

SMS Scam Protection powered by AI

Many people are falling victim to SMS scams due to the use of advanced technology. F-Secure reports that SMS scams have ‘exploded’ into popularity in the last year.

AI can now create sophisticated, seamless and convincing scam messages. F-Secure has also used AI to create the unique SMS Scam Protection feature which analyses received text messages for potentially harmful intent. Bad messages are flagged or automatically sent into a junk folder preventing the user being put at risk.

Available for both iOS and Android by the end of this year.

Banking Protection

UK Finance’s Annual Fraud Report 2024 reported remote banking alone accounted for £152m in unauthorised fraud losses and F-Secure reports their sophistication is increasing at an alarming rate. The new Banking Protection feature, unique to F-Secure, visibly secures sessions on legitimate banking and payment sites and blocks untrusted connections, preventing session hijacking to keep users’ money safe.

Available on desktop and now also on mobile Chrome and Safari.

Browsing & Phishing Protection

Browsing protection works in the browser by preventing access to known malware and phishing sites.

Available on desktop and now also on mobile Chrome and Safari.

Wi-Fi Protection

Allowing users to enjoy public Wi-Fi hotspots with peace of mind, this feature safeguards personal information and issues alerts if it detects potential network risks, which could lead to theft of information like banking credentials, so the user can select another network or turn on VPN.

Available now on mobile platforms.

Cookie Popup Blocker

Protects user privacy by automatically rejecting non-essential cookies from common cookie consent providers. Users also encounter fewer cookie prompts.

Available now for Windows and Mac. Coming for Android and iOS at a later date.

Ad Blocker

As well as improving browsing experience, Ad Blocker decreases exposure to potential scams and fraud that utilise ads. It also enhances browsing experience and speeds up page loading by blocking advertising loading when accessed through desktop.

Available now on desktops and on iOS by the end of the year.

For more information about F-Secure, please visit https://www.f-secure.com/en/total/scam-protection.

Investment fraud attempts surge by 76% in the first half of 2024

According to the latest Bank of Ireland fraud data for the first half of 2024, the volume of investment fraud attempts has surged by 76% compared to the same period in 2023.

Investment fraud happens when fraudsters, posing as legitimate firms, offer consumers investment opportunities on social media or in a sponsored search result. A common tactic is to promise high returns and then put people under considerable pressure to commit to the investment opportunity quickly.

The majority of investment fraud cases begin on social media with customers then receiving phone calls and messages to continue the scam. The practice of re-targeting customers is also a growing trend. This is where fraudsters contact a person who has already been a victim and pose as someone trying to help the consumer recover their money. However, this is simply another way for them to try to gain access to consumers’ accounts.

Red flags of Investment Fraud:

 

  • Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
  • Big/fast returns: They promise a quick and profitable return, with little or no risk.
  • Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime”.
  • Urgency: They tell you to make an urgent payment to get in on the deal.
  • Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).

Nicola Sadlier, Head of Fraud, Bank of Ireland said:  “The growth in investment fraud attempts is the most concerning trend we are seeing at the moment. The level of highly personalised targeting of consumers continues to grow year on year, and everyone needs to be on their guard. When it comes to this serious criminal activity, there is no room for complacency. Being alert to the ‘red flags’ – including too good to be true returns and pressure to act quickly – is vital. 

“We know that three in four consumers want to be able to speak directly with someone at their bank or financial service provider if they fall victim to fraud or are worried about a transaction. That’s why Bank of Ireland offers a 24/7 fraud telephone support for customers on 1800 946 764, available every day of the year. We encourage our customers to put this number in their phone so they have easy access to it if they ever need it.”

Bank of Ireland fraud research (Red C, 2024) reveals:

  • 94% of people have been targeted by a fraudster in the last 12 months.
  • The most common way is by text message (89%), followed by phone calls (75%) emails (65%) and fraudulent WhatsApp messages growing in prevalence at 39%.
  • When asked whether they feel personally at risk of financial fraud, 43% of people still rate themselves as having little or no risk of fraud in the next 6 months. This increases to 52% in the age 18 – 30 category, showing a high degree of complacency or over-confidence. 

Aine McCleary, Chief Customer Officer, Bank of Ireland said: “Bank of Ireland runs one of the most comprehensive consumer fraud awareness programmes in Ireland, designed to help safeguard the financial wellbeing of our customers. However, our research shows that close to half of those surveyed do not feel at risk of fraud, and this underlines the importance of raising awareness of this very real risk.

“Bank of Ireland will spend €50 million on fraud prevention and protection measures this year and next. This includes €15 million on new fraud prevention technology, along with a range of high-profile consumer awareness campaigns and support for customers who are targeted by fraudsters.”

 A new heavy-weight fraud awareness campaign across digital and social media is being launched this week, running for the rest of the year, designed to reach the general public across a range of media. The latest phase in Bank of Ireland’s consumer fraud education campaign, now in its fourth year, will have a particular focus on media to reach the 18-30 demographic, where research has indicated a degree of over-confidence.

The campaign includes five new episodes of Fraud Watch: True Crime Stories,  a content series featuring real-life examples of fraud scenarios including advice from international cyberpsychologist Professor Mary Aiken, digital audio ads,  social influencer partnerships, a partnership with LADBible and ‘Back To Basics’ social content series.

The content highlights topical fraud scams and gives customers essential fraud prevention steps they can take.Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds. Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.

For advice and information on how to stay safe from fraud, visit the Security Zone on the Bank of Ireland website.

BOI Fraud Alert: Bank of Ireland warns about false articles online

Bank of Ireland is warning about an increasing number of false articles appearing online designed to defraud consumers through fake financial products, investments or cryptocurrency schemes.

The articles appear like news articles from genuine media outlets, but are false advertisements that fraudsters are paying for online. The advertisements feature fabricated news stories with claims about specific cryptocurrency trading platforms or designed to entice readers to websites where they can then be defrauded. The false articles/advertisements generally feature a well-known personality or celebrity, combined with a controversial headline to grab attention.

Nicola Sadlier, Head of Fraud at Bank of Ireland said: “Fraudulent advertisements are increasingly appearing online and on social media channels and are designed to steal consumers’ money through fake financial products, investments or cryptocurrency schemes. We see more and more fraud attacks starting from social media and tech platforms – these fake ads should be caught before they are published online, but many are not.

“Unfortunately, supervision of this is very inconsistent, at times it’s like a game of whack-a-mole trying to report the different scams to the social media companies and get them taken down. It’s unacceptable to see fraudsters operating so openly on social media. No company should be generating advertising revenue from criminals – social platforms really need to step up and crack down.

“Our advice to consumers is: Don’t click on these adverts, ignore them completely, and if an investment sounds too good to be true, it’s probably fraud.”

 

Examples of recent scam articles featuring Bank of Ireland:

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

Cybercrime is the number one threat when it comes to financial crime in Ireland

Hacking, phishing, online scams, and other variations of cybercrime are thought to be the most prevalent financial crimes in Ireland, as found in a new survey by the Compliance Institute, which polled 230 compliance professionals working primarily in Irish financial services organisations nationwide.

When asked what they consider to be the most prevalent financial crime in Ireland, respondents to the Compliance Institute Financial Crime answered as follows:

  • Cybercrime (hacking, phishing, online scams)                                                      34%
  • Tax evasion                                                                                                                    21%
  • Fraud                                                                                                                               21%
  • Money laundering                                                                                                         19%
  • Bribery and corruption                                                                                                  4%
  • Insider trading                                                                                                                 1%

Michael Kavanagh, CEO of the Compliance Institute commented on the findings:

“While financial crimes from tax evasion to insider trading could be classed as the “traditional” criminal pursuits, cybercrime is more new-age and is developing and advancing at a pace so fast that organisations and legislators cannot keep up.

From the mid-term review of the 2019-2024 Cyber Security Strategy launched in the middle of 2023, we learned of the Government’s plans to create a national anti-ransomware organisation and offer cash subsidies to small businesses to help fight cybersecurity threats. The timelines for this are unclear, but there’s no doubt that the move would be laudable and welcomed with open arms by many businesses that continue to be plagued by ransomware attacks.

These attacks can have catastrophic consequences not just for those whom they are perpetrated against, but for the wider public. We only have to look at the devastation that was caused to patients following the 2021 hacking of the HSE to understand the severity of the crimes”.

Fraud

Mr. Kavanagh continued, “Banking & Payments Federation Ireland (BPFI) stats show fraudsters stole nearly €85 million (€84.6m) through frauds and scams in 2022, an increase of 8.8% on 2021. As a New Year commences, there’s a real concern that we will see an uptick in these figures”.

Mr. Kavanagh concluded,

“Ireland is now Europe’s largest data hosting cluster, putting the need for elevated cybercrime and data protection systems into sharp focus.

Regulators in Ireland, and around the world, are constantly updating and issuing new guidance to firms in response to emerging cyber security issues, such as fake documentation and the reliability of information sources.

Regulators need to ask themselves how they can regulate and supervise without stifling innovation. Businesses and organisations need to ask how can they best prepare and respond, and the general public also needs to know what measures they can take to protect themselves”

Consumers warned to be wary for Black Friday fraud – Bank of Ireland

Bank of Ireland is warning consumers to be especially vigilant for fraud as Black Friday and Cyber Monday approach.

Black Friday and Cyber Monday are key online shopping dates for many consumers, which also means fraudsters will be stepping up their activity. Bank of Ireland customers spent 54% more online during Black Friday last year compared to a standard Friday, with clothing (+104%) and electrical goods (+100%) seeing the largest increase.

For those shopping online this Black Friday or Cyber Monday, Bank of Ireland is providing tips to stay safe.

Black Friday / Cyber Monday tips:

 

  • Be careful with links in emails and texts – Fake links can lead to fake websites where you may be asked to share your personal banking details including activation codes.

Do not share your banking details, including your full online banking PIN, or other personal information.

  • Think before you click – make sure you double check website addresses for anything unusual.
  • Use trusted websites – check that the ‘https’ and the lock symbol is displayed. Exercise caution with Pop ups on your social media feed (fraudsters can pay to have their ads in front of you).
  • On a mobile device use trusted apps – it can be difficult to see the full web address on mobile if you are using a web browser so instead stick with trusted apps.
  • Use up to date anti-virus software on your computer – this will help protect it against malware.

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “We are already starting to hear about Black Friday and Cyber Monday deals, but shoppers need to be extra vigilant for fraud. Fraudsters like to inject an element of urgency into their offers or fake adverts, but don’t rush a transaction without checking things properly first. Verify if websites and apps are legitimate and be extremely careful with online adverts, texts or e-mails. Remember, if something sounds too good to be true, it’s probably fraud.”

To coincide with the busy pre-Christmas shopping period, Bank of Ireland has launched a new national fraud advertising campaign, reminding customers to Stop, Think and Check. The Bank is publishing a series of ‘True Crime’ videos with renowned cyberpsychologist Professor Mary Aiken providing insights and tips to help people protect themselves.  Visit Security Zone – Bank of Ireland Group Website

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