More than one third of Irish adults have experienced some class of fraud or scam, while almost 40 per cent of victims have never reported the crime to a bank or other authority, according to a report from the Central Bank.
The research, published on Tuesday, also identified risky online behaviour as the “single strongest predictor of fraud experience” – more influential than age, income or education level.
The report found 35 per cent of Irish adults experienced fraud or scams, with nearly two-thirds of victims suffering financial losses.
The findings were based on a nationally representative survey of almost 3,000 adults, providing one of the most comprehensive pictures to date of fraud incidence and its impact on Irish consumers.
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Total reported fraud losses reached €160 million in 2024, a 24.5 per cent increase from 2023. However, the research suggests the true impact on consumers may be much worse, with 38 per cent of fraud victims never reporting their experience.
The research found that online purchase scams were the most common, impacting 48 per cent of victims, followed by debit and credit card fraud on 34 per cent. Other prevalent scams included delivery service impersonation on 15 per cent, while 13 per cent had fallen victim to phishing or email scams.
Most victims lost “relatively modest amounts”, with 39 per cent reporting losses of less than €249.
The research identified investment fraud as a particular concern. While it impacted just 7 per cent of respondents, investment fraud victims typically lose more substantial amounts.
The study points to a clear correlation between reporting fraud and recovering lost funds.
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Among victims who reported fraud to their bank, An Garda Síochána or another relevant authority, 57 per cent were able to recover their money. By contrast, only 13 per cent of those who didn’t report the fraud recovered their funds.
The Central Bank said risky behaviour included buying from unfamiliar websites, sharing banking or payment card details through insecure channels like email or messaging apps, and sending money to people met online but not in person.
It also pointed to responding to unsolicited messages offering discounts or promotions, failing to use multi-factor authentication for online payments and making frequent high-value purchases online.
“Financial frauds and scams continue to be a key area of concern for the Central Bank, as it is for regulators and law enforcement agencies all over the world,” said deputy governor Colm Kincaid.
He said the research highlighted how consumers “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,” Kincaid said.
