Bank of Ireland fined €1.6m for failing to report online fraud

A woman leaving the Bank of Ireland Branch on High Street in Belfast. 

Bank of Ireland has been fined €1.6m by the Central Bank, after it failing to report an incident of online fraud to Gardaí in 2014.

In September 2014, Bank of Ireland paid €106,000 to an account in the UK after taking instructions from a fraudster impersonating a client.