NEW RESEARCH FROM the Central Bank of Ireland suggests that one in three Irish adults have experienced fraud or scams, with nearly two-thirds of victims suffering financial losses.

The Central Bank said reported payment fraud in Ireland reached €160 million in 2024, an increase of over 24% from 2023 – but its new research suggests the actual number of fraud taking place could be much higher.

The Central Bank’s survey of 3,000 adults found that 38% of fraud victims never reported their experience to their financial service provider or any authority, however 57% of those who did report fraud recovered their money.

Online purchase scams were the most common type of fraud identified in the research, with 48% of victims affected.

Debit and credit card fraud was the second highest at 34%, other common scams included delivery service impersonation (15%) and phishing or email scams (13%).

39% of victims said they lost less than €249, however, victims of investment fraud lost “more substantial amounts”.

Risky online behaviours were the strongest predictor of fraud experience, including making purchases from unfamiliar websites, sharing banking or payment card details through insecure channels like email or messaging apps, and sending money to people met online but never in person.

Other risky behaviour identified included responding to unsolicited messages offering discounts or promotions, failing to use multifactor authentication for online payments and making frequent high-value purchases online.

General financial literacy didn’t show any protective effect against fraud, but fraud-specific literacy was associated with lower fraud experience.

Deputy Governor of the Central Bank, Colm Kincaid, said financial frauds and scams continue to be a “key area of concern” for the Bank.

“The research also shows that you can make it harder for the fraudsters by taking steps in your online behaviour and it is important that if you do fall victim to fraud you report it,” he said.

“Reporting to your financial service provider makes it more likely your money can be recovered and where you did not specifically authorise the payment transaction you have a statutory right to a refund, subject to limited exceptions.

By reporting, you may also help others by making your financial service provider aware of the fraud.”

He said that it is equally important that where people do report fraud, their financial service provider is there to support them. He added that the Central Bank has work underway with firms it regulates to improve customer service for fraud cases.