Central Bank Report: 35% of Irish Adults Experienced Fraud; €160M Lost in 2024

A Central Bank report reveals that 35 per cent of Irish adults have experienced fraud or scams, with nearly two-thirds of victims suffering financial losses. The research, based on a survey of almost 3,000 adults, found that 38 per cent of victims never reported the crime to a bank or authority.

Total reported fraud losses reached €160 million in 2024, a 24.5 per cent increase from 2023. Online purchase scams were the most common (48 per cent of victims), followed by debit/credit card fraud (34 per cent). While most victims lost less than €249, investment fraud, affecting 7 per cent, typically involved more substantial amounts.

Risky online behaviour was identified as the strongest predictor of fraud. This includes buying from unfamiliar websites, sharing banking details insecurely, and sending money to people met online. The study found that 57 per cent of victims who reported fraud recovered their money, compared to only 13 per cent of those who did not report. Deputy Governor Colm Kincaid emphasized the importance of reporting fraud to financial service providers to increase recovery chances and help others.