Bank’s anti-fraud measures cause five-day delay

OVER half-a-million Bank of Ireland customers must wait five days before transferring money over the phone or online to avoid being scammed by sophisticated ‘phishing’ fraudsters.

Phishing attacks target internet users, usually through emails, requesting personal bank details or security codes which criminals then use to rummage through victims’ accounts, relocating funds into their own banks.

There are no figures showing how much phishing costs Irish banks, but the UK Association of Payment and Clearing Systems estimates that it costs British banks €17.5 million a year.