Central Bank of Ireland Finds Third of Adults Hit by Fraud, with 38% Unreported

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New research published by the Central Bank of Ireland has revealed the scale of financial fraud in the country, with 35% of Irish adults reporting they have experienced fraud or scams. Of these, nearly two-thirds suffered a financial loss. 

The nationally representative study of nearly 3,000 adults found that fraud is both a widespread and worsening issue in Ireland, as fraud around the world becomes more common and sophisticated.

From 2023 to 2024, official figures show a 24.5% rise in reported payment fraud losses, increasing to €160 million (approx. USD 185 million). Despite the prevalence of fraud, the Central Bank said the true impact on consumers may be significantly underestimated. 

Around 38% of victims did not report incidents to their bank or the authorities, masking the true scale of the problem.

Online purchase scams were the most common type of fraud, impacting 48% of victims, followed by debit and credit card fraud at 34%. Other common scams include delivery service impersonation (15%) and phishing or email scams (13%). 

In 39% of cases, losses were under €249 (approx. USD 290). However, investment scams were highlighted as being far less frequent but involving significantly larger losses. 

Deputy Governor of the Central Bank of Ireland Colm Kincaid said: 

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 those who reported fraud to An Garda Síochána (Ireland’s national police service) and other authorities, 57% recovered their funds, compared to just 13% among those who did not.