One in three Irish adults victims of fraud - Central Bank

New research from the Central Bank of Ireland reveals a worrying trend: a significant portion of the Irish adult population, over one in three, has fallen victim to fraud. This figure, while alarming, is compounded by the fact that a substantial number of these victims never report their experiences, hindering potential recovery efforts.

The study highlights investment fraud as a particular area of concern, often resulting in more substantial financial losses for victims compared to other types of scams. While online purchase scams and debit/credit card fraud remain the most prevalent, the severity of investment fraud losses underscores the need for heightened vigilance in this area.

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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.

Crucially, the research establishes a clear correlation between reporting fraud and the successful recovery of lost funds. Victims who reported their experiences to their financial service provider or relevant authorities were significantly more likely to get their money back. This emphasizes the importance of not only identifying fraudulent activity but also taking the necessary steps to report it, not just for personal recovery but also to aid the financial institutions in combating wider fraud networks.

This report, based on a robust survey, serves as a critical reminder for consumers to be cautious of risky online behaviors, which are identified as the strongest predictor of fraud experience, irrespective of age, income, or education. The Central Bank's findings are vital in shaping future strategies to protect consumers and combat the ever-evolving landscape of financial crime in Ireland.

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By reporting, you may also help others by making your financial service provider aware of the fraud.