Ireland’s Fraud Scare: A 40% Jump That Shifts the Risk Landscape
The Central Bank of Ireland’s Payment Fraud Statistics for 2024 reveal a sharp shift in the risk landscape for consumers and businesses. Last year, the volume of fraudulent payments rose by 40% compared with 2023, with the total value reaching €160 million. While some payment channels showed resilience, others experienced dramatic increases, underscoring the evolving tactics used by fraudsters in a fast-moving digital economy.
Where the Growth Is Coming From
The surge is not evenly spread across all payment types. Fraudulent activity is increasingly concentrated in e-money transactions and money remittances, driving gains in both value and volume. Notably, e-money payments saw a dramatic year-over-year increase, rising from €3.3 million in 2023 to €25.6 million in 2024. Similarly, fraudulent money remittances more than doubled, growing from €8.2 million to €20.4 million.
By contrast, card payment fraud rose only slightly, while other channels such as credit transfers, direct debits, and cheques declined. Online payments accounted for more than three-quarters of all payment fraud during the period, highlighting the persistent risks associated with digital shopping and remote transactions.
What Banks Are Doing—and What Consumers Can Do
Banking and Payments Federation Ireland (BPFI) emphasizes shared responsibility in combating fraud. In conversations on Morning Ireland, BPFI’s Head of Financial Crime, Niamh Davenport, outlined a multi-pronged approach involving banks, merchants, and customers. Banks are rolling out enhanced verification and monitoring tools, including name checking features under SEPA verification to ensure payment recipients match the intended account name.
❖ Transaction monitoring remains central, but the threat model now includes fraudsters who target consumers directly—convincing them to authorize payments rather than breaching bank infrastructure. This shift makes individual vigilance more critical than ever. Davenport advises:
- Never click on unsolicited links in texts, emails, or messages.
- Use only trusted websites and retailers, preferably ones you’ve used before.
- Be cautious if someone asks you to move money to a “safe” account; pause and verify before acting.
Public Awareness and Tools to Fight Scams
BPFI’s FraudSmart research paints a sobering picture: about one in five regular online shoppers reported losses to scams last year, with some victims losing hundreds to thousands of euros. The core message is simple: online payments themselves are not inherently unsafe—the risk lies in where and with whom you shop online. Consumers are encouraged to scrutinize unfamiliar websites, be wary of social media ads, and consider using verification tools like scamchecker.ie, a FraudSmart resource that flags risky sites in real time.
Cross-Border Trends and Ireland’s Resilience
Ireland sits around the European average for scam-related payments, but the pattern mirrors a continental rise in cross-border fraud. With instant payments moving funds quickly across borders, scams can impact multiple countries simultaneously. Yet Ireland is positioned as a leader in coordinated fraud prevention. Davenport notes that cross-sector collaboration—such as shared fraud databases and the Anti-Fraud Forum—helps preempt fraud before it happens and strengthens resilience across the financial system.
Why This Matters for 2025 and Beyond
The 2024 statistics highlight a continued need for layered defenses: robust bank monitoring, improved identity verification, and consumer education. The combination of advanced analytics and real-time alerts can curb the pace of fraud, even as fraudsters adapt their tactics. For individuals, staying informed and exercising caution online remains essential. For institutions, ongoing collaboration and information sharing will be crucial to stay ahead of criminal networks that operate across borders.
