Almost €100m stolen by fraudsters in 2023 

New report from the BPFI found card fraud accounted for 95% of fraudulent transactions and 36% of gross losses

The report also notes that other types of fraud had lower volumes but higher average losses, with unauthorised electronic transfers accounting for only 3% of the volume but 34% (€33.8m) of losses. 

Almost €100m has been stolen by fraudsters through scams in 2023, an increase of more than 16%, according to a new report published by the Banking & Payments Federation Ireland (PBFI).

The report found that card fraud accounted for 95% of fraudulent transactions and 36% (€35.2m) of gross fraud losses in 2023. 

Card usage by consumers and businesses rose significantly overall, with the Central Bank of Ireland reporting an almost 29% increase in debit and credit card payments in 2023. In contrast, fraudulent card payments increased by 8.2% according to BPFI FraudSMART data.

The report also notes that other types of fraud had lower volumes but higher average losses, with unauthorised electronic transfers accounting for only 3% of the volume but 34% (€33.8m) of losses. 

This type of fraud occurs when someone makes a payment through mobile or online banking, without the account holder’s authorisation or permission, often called ‘account takeover’. It usually results from the loss or theft of sensitive payment data such as a victim’s account number or PIN.

Additionally, the report shows that consumers and businesses were scammed out of €18.1m through authorised push payment (APP fraud). This occurs when a fraudster tricks a consumer into sending money directly to an account controlled by the criminal, for example through an investment or romance scam. 

While APP Fraud makes up just 1% of fraudulent transactions and 18% of losses, it represents a significant increase compared to 2022 in both volume and value terms, increasing by 42.5% and 82.2% respectively.

On foot of the report, FraudSMART is issuing a warning to holiday makers to be extra vigilant over the summer period at home and abroad when using debit or credit cards more frequently for booking travel or accommodation, as well as other holiday-related purchases.

“As many people look forward to the summer holidays ahead, today’s figures are a timely reminder to be on alert for credit and debit card fraud," said Niamh Davenport, Head of Financial Crime, BPFI.

"We can all be at risk of being enticed by ‘unbelievable’ holiday deals and letting down our guard when out of our regular routines and environments."

"FraudSMART is urging holiday makers to take extra caution when booking travel, accommodation and other holiday-related purchases. Watch out for copycat websites offering holiday accommodation and packages which closely mimic a legitimate site or well-known company brand."