Ireland recorded a sharp rise in payment fraud last year, with a 40% increase in the volume of fraudulent transactions compared to 2023, according to new figures released by the Central Bank.
The Payment Fraud Statistics for 2024 report revealed that the total value of fraudulent payments climbed to €160 million — an increase of nearly 25% from the previous year. The surge was largely driven by a spike in e-money fraud and money remittance scams, which together accounted for much of the growth both in value and volume.
Fraud involving e-money payments rose dramatically from €3.3 million in 2023 to €25.6 million last year, while fraudulent remittances more than doubled from €8.2 million to €20.4 million. In contrast, fraud involving credit transfers, direct debits and cheques declined slightly, while card payment fraud increased only marginally.
Online transactions continued to be the most common target for scammers, making up more than three-quarters of all payment fraud incidents in 2024.
Speaking on RTÉ’s Morning Ireland, Niamh Davenport, Head of Financial Crime at the Banking and Payments Federation Ireland (BPFI), said both consumers and financial institutions share responsibility for tackling fraud.
“Banks are introducing more measures, such as the new name-checking tools under SEPA verification, which ensure that the name on a payment matches the account name,” she said. “But because fraudsters now target consumers directly and convince them to make payments, individuals must also play a key role in prevention.”
Davenport urged people to remain vigilant and avoid clicking on links in unsolicited texts or emails. “Only use trusted websites and retailers, and if someone asks you to move money to a ‘safe account’, just say no,” she advised.
BPFI’s own FraudSmart research found that one in five regular online shoppers in Ireland lost money to scams in 2024, with some victims losing thousands of euros. Davenport emphasised that while Ireland’s payment systems are secure, consumers need to be cautious about unfamiliar online stores and social media ads.
She recommended the use of scamchecker.ie, a BPFI tool that helps verify whether a website is legitimate or poses a risk.
Ireland, she said, remains roughly in line with the European average for scam-related losses, but cross-border criminal activity is on the rise as fraudsters exploit instant payment systems to target multiple countries simultaneously.
However, Davenport noted that Ireland is taking a leading role in cross-sector collaboration through initiatives such as the shared fraud database and the Anti-Fraud Forum. “We’re bringing banks, tech firms and law enforcement together to stop fraud before it happens,” she said.
