The findings from the Central Bank of Ireland were based on a survey of almost 3,000 adults, providing one of the most comprehensive pictures to date of fraud incidence and its impact on Irish consumers.

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

A striking 38 per cent of fraud victims never reported their experience to their financial service provider or any authority.

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

While most victims lost relatively modest amounts, with 39 per cent losing less than €249, the research identified investment fraud as a particular concern. Despite it impacting 7 per cent 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 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.

In a significant finding, the research identified risky online behaviours as the single strongest predictor of fraud experience—more influential than age, income, or education level. These behaviours include:

• Making purchases from unfamiliar websites
• Sharing banking or payment card details through insecure channels like email or messaging apps
• Sending money to people met online but never in person
• Responding to unsolicited messages offering discounts or promotions
• Failing to use multi-factor authentication for online payments
• Making frequent high-value purchases online

While general financial literacy – understanding concepts like interest rates and inflation – showed no protective effect against fraud, fraud-specific literacy did make a significant difference. Fraud literacy, being able to identify warning signs and fraudulent cues in realistic scenarios, was associated with lower fraud experience.

Deputy Governor Colm Kincaid said: “Financial frauds and scams continue to be a key area of concern for the Central Bank of Ireland, as it is for regulators and law enforcement agencies all over the world. The research we are publishing today will help the Central Bank, other authorities and financial service providers to combat fraud and develop better frameworks to deal with this growing problem we face together.

“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.

“Of course, it is equally important that where people do report fraud their financial service provider is there to support them, and the Central Bank has work underway with the firms we regulate to improve customer service for fraud cases.”