More than one in three adults in Ireland have fallen victim to fraud, according to new research from the Central Bank, which also highlights widespread underreporting and rising financial losses linked to scams across the country.
The study, based on a survey of nearly 3,000 adults carried out between December 2024 and January 2025, found that 35% of respondents had experienced fraud at some point. Despite this, more than a third of victims never reported the incident to their bank or any authority.
Nearly two-thirds of those affected said they lost money as a result of the fraud. While most losses were relatively small, with 39% of victims losing less than €249, the Central Bank warned that certain types of scams can result in significantly higher financial damage.
Investment fraud was identified as a particular area of concern. Although only 7% of respondents reported experiencing this type of scam, victims typically suffered far greater losses than those targeted by other schemes.
Online purchase scams were the most common form of fraud, affecting 48% of victims. Debit and credit card fraud followed at 34%, while impersonation of delivery services accounted for 15% of cases. Phishing emails and similar digital scams impacted 13% of those surveyed.
Researchers found that so-called “risky online behaviours” were the strongest predictor of fraud exposure, outweighing factors such as age, income, or education. These behaviours included buying from unfamiliar websites, sharing financial details through unsecured channels such as email or messaging apps, and transferring money to individuals met online but never encountered in person.
The report also highlighted the importance of reporting fraud. Among victims who reported incidents to their bank, An Garda Síochána, or other authorities, 57% managed to recover their losses. In contrast, only 13% of those who did not report the crime were able to get their money back.
Despite this, 38% of victims said they never reported the fraud at all. The Central Bank noted a strong link between reporting and recovery rates, suggesting that many consumers may be missing opportunities to recoup lost funds.
Official figures show that reported payment fraud in Ireland reached €160 million in 2024, a 24.5% increase compared with the previous year. However, the Central Bank believes the true scale of fraud affecting consumers is likely to be significantly higher due to underreporting.
Central Bank Deputy Governor Colm Kincaid urged victims to report incidents promptly, noting that consumers may have a legal right to reimbursement in cases where payments were not authorised. He also said reporting fraud helps financial institutions identify patterns and protect others from similar scams.
The findings underline growing concerns about online safety and financial crime as digital transactions become increasingly central to everyday life.
