One in three Irish adults experience fraud, 38% never report

New research from the Central Bank of Ireland reveals that over one in three Irish adults (35%) have experienced fraud or scams, with nearly two-thirds suffering financial losses.

This comprehensive survey of almost 3,000 adults indicates that while reported payment fraud reached €160 million in 2024 (a 24.5 percent increase), the true impact is significantly underestimated due to underreporting.

A striking 38 percent of victims never reported their experience to their financial service provider or any authority.

Online purchase scams were the most common (48%), followed by debit and credit card fraud (34%).

Delivery service impersonation (15%) and phishing (13%) were also prevalent.

Most victims lost less than €249 (39%), but investment fraud, impacting 7 percent, typically involved more substantial amounts.

Risky online behaviours, such as purchasing from unfamiliar websites or sharing banking details insecurely, were identified as the strongest predictor of fraud experience, outweighing age or income.

While general financial literacy offered no protection, fraud-specific literacy—the ability to identify warning signs—significantly reduced fraud exposure.

Deputy Governor Kincaid highlighted the Central Bank's concern, stating, 'Financial frauds and scams continue to be a key area of concern for the Central Bank of Ireland.'

The study also found a clear correlation between reporting fraud and recovering funds: 57 percent of victims who reported recovered their money, versus only 13 percent of those who did not.

Kincaid urged reporting to increase recovery likelihood and aid broader fraud combat efforts.