Thousands of Irish consumers are changing bank accounts. The fraudsters are watching

Thousands of customers are moving their accounts as Ulster and KBC leave the market

Bank of Ireland has already seen a sharp increase in activity opening double the number of current accounts in comparison to the same period last year.

Bank of Ireland has warned customers of the increased fraud risk due to the movement of hundreds of thousands of bank accounts.

The warning comes as banking customers in Ireland face an unprecedented level of uncertainty as Ulster Bank, which is the third-largest general lender, and KBC Bank, a leading mortgage lender, both withdraw from the Irish market later this year.

Bank of Ireland has altered consumers that they are likely to experience a greater level of scam calls, texts and emails.

Customers are asked to be extra vigilant, as over the coming months, fraudsters will attempt to take advantage of the thousands of consumers who will be changing their current accounts and utility payments.

Bank of Ireland has already seen a sharp increase in activity. The bank has opened double the number of current accounts in comparison to the same period last year.

Edel McDermott, Head of Group Fraud, Bank of Ireland said that consumers should take extra care around the security of their personal information and their accounts.

“We know that periods of major change or uncertainty create ideal conditions for fraudsters to operate.” "The rise in fraud recorded during Covid 19 and Brexit demonstrates this. The number of ‘phishing’ websites detected by our Fraud Prevention Team doubled in one month alone in 2021 and, at its peak, we saw 70 new fraudulent sites appearing per day.

“The current mass movement of customers between banks creates ideal conditions for criminals,” she said.

Consumers are asked to independently verify any messages, calls or emails which request personal information or account details or contain warnings around the cancellation of important payments.

“As customers make arrangements to move their bank accounts and make changes to their direct debits and standing orders, they will be expecting communications from a whole range of providers.” Bank of Ireland said it will have a total of 500 staff to meet the "unprecedented" demand for new accounts as Ulster Bank and KBC ramp up their plans to withdraw completely from banking in Ireland.