Overview of the 2024 Fraud Payments Surge
The Central Bank of Ireland’s Payment Fraud Statistics for 2024 reveal a 40% increase in the volume of fraudulent payments compared with 2023. The total value of fraudulent payments rose to €160 million in 2024, reflecting a near 25% year‑on‑year increase. The upsurge is largely driven by fraud in e‑money transactions and money remittances, with online channels accounting for the majority of incidents.
Where Fraud Is Rising
Detailed figures show online payments continuing to be the primary vector for fraud, representing more than three quarters of all fraudulent activity during the year. While card payment fraud edged up slightly, other traditional channels faced declines, including credit transfers, direct debits, and cheques. The largest growth areas by value were e‑money payments and money remittances.
E‑Money and Remittances Leading the Increase
Fraudulent e‑money payments surged from €3.3 million in 2023 to €25.6 million in 2024. Remittance fraud more than doubled, rising from €8.2 million to €20.4 million. These categories explain most of the total rise in fraudulent payments, signaling criminals’ growing focus on newer digital funding routes and cross‑border transfers.
What This Means for Consumers and Firms
Banking and payments industry bodies emphasise that while payment systems remain secure, the fault lines are shifting toward how consumers interact with online services. The trend shows that fraudsters are increasingly targeting individuals directly, tricking them into authorizing payments rather than breaching bank infrastructure.
Industry Response and Best Practices
Speaking on RTÉ’s Morning Ireland, Niamh Davenport, Head of Financial Crime at Banking and Payments Federation Ireland (BPFI), highlighted the shared responsibility for preventing fraud. Banks are rolling out enhanced checks, including name‑matching tools under SEPA verification to ensure payment recipient names align with account names. Ongoing transaction monitoring remains critical, but consumer vigilance is indispensable because many scams succeed before a bank system is breached.
Practical Advice for Consumers
Davenport urged people to avoid clicking on unsolicited links in emails or texts and to use only trusted websites and retailers. If prompted to move money to a “safe” account or to provide login details, the safest response is to pause and reassess. Tools like scamchecker.ie, a FraudSmart resource, can help consumers assess the risk of unfamiliar websites before making a purchase.
Broader Trends and Regional Comparisons
BPFI’s FraudSmart research shows that one in five regular online shoppers lost money to scams last year, underscoring the need for continued awareness. Ireland is considered close to the European average for scam payments, but the cross‑border nature of modern fraud means criminal activity now moves swiftly across countries. The ability for payments to move instantly magnifies the impact of scams across borders as they unfold in real time.
Where Ireland Stands in Combating Fraud
Nevertheless, Ireland is recognised for proactive collaboration, including cross‑sector initiatives such as a shared fraud database and the Anti Fraud Forum. These measures foster proactive approaches to stop fraud before it happens and position Ireland among the leaders in coordinated financial crime prevention.
Conclusion
The 2024 surge in fraudulent payments highlights evolving threats in an increasingly digital financial landscape. While secure systems remain a cornerstone, the emphasis now is on reducing human‑factors risk through education, robust verification, and ongoing collaboration across banks, payment service providers, and consumers.
