The bank claims most people in Ireland experienced some form of fraudulent communications over the past year and that consumers should treat any unsolicited call, text or email as a potential scam.
Bank of Ireland has announced an investment of €50m to boost its customer fraud prevention and protection.
The investment includes €15m on new fraud prevention technology. Bank of Ireland said it currently invests in a range of fraud services, tech systems and upgrades to enhance both consumer and business protection from this growing threat.
The Irish bank also plans to launch multiple high-profile consumer awareness campaigns and offer support for customers who are targeted by fraudsters. The bank said it has 12 meetings planned over the next six weeks to raise awareness around fraud.
Banking fraud is a persistent and growing issue in Ireland. A Red C research poll suggests the vast majority of the Irish population (90pc of survey respondents) experienced some form of fraudulent communications over the past 12 months.
“At first glance, these look like they come from trusted organisations like government departments, banks, the post office, or delivery companies,” said Bank of Ireland group CEO Myles O’Grady. “Some of them even pose as coming from family or colleagues, but whatever form they choose they all have one common aim – to steal your money.”
“Banks are on the front line in defending our customers, and wider society, from this threat. However more action is needed from all of us including telecoms companies, social media and tech firms, banks, fintechs and State agencies.”
Bank of Ireland’s head of fraud Nicola Sadlier said consumers should follow the “stop, think, check” rule when they receive communication that may be fraud and to treat “every unsolicited call, text or email as a potential fraud attempt”.
“If something sounds too good to be true, it is,” Sadlier said. “We see more and more fraud attacks starting from social media and tech platforms.
“Fake ads should be caught before they are published online, but many are not. If we see a fake ad, we report it to the channel operator, but even then some ads are removed very slowly and sometimes not at all.”
Earlier this month, a report from FraudSmart warned that online investment scams grew in the first half of 2023. Last year, Permanent TSB announced a partnership with Expleo to bring anti-fraud software feature to its banking app.
But fraud is not just an Irish issue. Last October, a report claimed scammers on social media platforms stole $2.7bn from people in the US since 2021, which was more than “any other contact method”.
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