CBI emphasizes financial scams as top global consumer threat
Central Bank of Ireland Deputy Governor Colm Kincaid welcomed the OECD's Consumer Finance Risk Monitor 2026, which identifies financial scams as the most significant risk facing consumers worldwide.
The evolving threat of digital scams
Deputy Governor Colm Kincaid highlighted that financial scams and frauds now represent the most significant risk facing financial consumers worldwide, a finding identified by 85 percent of responding authorities in the OECD report.
He stressed the increasing sophistication and scale of digital fraud, encompassing phishing, identity theft, deepfakes, and AI-generated fraudulent content.
This creates a challenging environment for consumers, financial institutions, and public authorities alike.
Kincaid emphasized the need for strengthened oversight as structural economic, technological, and market-conduct risks converge to significantly elevate consumer exposure, echoing concerns raised in the CBI's own Regulatory and Supervisory Outlook report.
A multi-faceted defense
Protecting consumers requires comprehensive action from all actors in the financial system, Deputy Governor Kincaid stated.
He noted that regulated financial institutions must enhance safeguards against fraud and provide better support for victims.
Beyond institutional measures, Kincaid added that consumers must be directly empowered with the necessary tools, skills, and competencies.
The Central Bank of Ireland supports this through initiatives like the SAFE test, which helps individuals protect themselves from fraud, and by contributing to the Government's National Financial Literacy Strategy to expand digital financial literacy.
Beyond the headlines
This report underscores the critical and rapidly evolving nature of financial fraud, validating concerns central banks have voiced for some time.
While the call for collective action is clear, the practical implementation across diverse jurisdictions will be a significant challenge.
Ultimately, effective consumer protection in the digital age demands both robust institutional defenses and proactive individual empowerment.