One in three Irish adults have experienced fraud, yet 38% never report it

While total reported payment fraud in Ireland reached €160m in 2024, a 24.5% increase from 2023, the new research suggests the true impact on consumers may be significantly underestimated.

One in three Irish adults has experienced fraud or scams, with nearly two-thirds of victims suffering financial losses, a report from the Central Bank of Ireland has found.

While total reported payment fraud in Ireland reached €160m in 2024, a 24.5% increase from 2023, the new research suggests the true impact on consumers may be significantly underestimated.

The survey of almost 3,000 adults found a significant 38% of fraud victims never reported their experience to their financial service provider or any authority.

The research found online purchase scams were the most common, with 48% of victims being impacted, followed by debit and credit card fraud (34%). Other prevalent scams included delivery service impersonation (15%) and phishing or email scams (13%).

While most victims lost relatively modest amounts, with 39% losing less than €249, the research identified investment fraud as a particular concern. Despite it impacting 7% of respondents, investment fraud victims typically lose more substantial amounts.

The study reveals a clear correlation between reporting fraud and recovering lost funds. Among victims who reported fraud to their bank, An Garda Síochána, or another relevant authority, 57% were able to recover their money. By contrast, only 13% of those who did not report the fraud recovered their funds.

The survey also found general financial literacy, understanding concepts like interest rates and inflation, showed no protective effect against fraud. However,  fraud-specific literacy did make a significant difference, with individuals able to identify warning signs and fraudulent cues in realistic scenarios, experiencing lower levels of actual fraud.

Central Bank deputy governor Colm Kincaid said financial frauds and scams continued to be a key area of concern for regulators and law enforcement agencies all over the world. 

"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. 

"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."