Email fraud cost Irish SMEs nearly €10m last year

FraudSMART says the total scammed from small to medium-sized firms increased by 23.8% year-on-year during 2023

Businesses are being advised to implement fraud awareness training for staff in order to protect against these scams. 

Small and medium-sized businesses’ losses through email-related scams increased by 23.8% year-on-year to nearly €10m during 2023 as banking representatives urged companies to have fraud awareness training in place for employees.

The majority of cases are said to be invoice-redirection scams. This is where a business will receive a fraudulent email claiming to be from an existing supplier or creditor requesting that they change the bank account into which they are paid.