+34
Financial fraud losses in Ireland surged 27.2% to €179 million in 2025, driven by increases in high-value credit transfers and authorized push payments. Cheque fraud remained the highest-value offense per transaction, while cross-border payments and digital wallet scams also contributed to the growing threat.
Regulator calls on banks and tech firms to be more proactive in fraud prevention and consumers to be more aware The amount of money lost in financial frauds last year jumped by more than a quarter to €180 million, Central Bank figures show.
Photograph: iStockAlmost €180 million was stolen in financial frauds last year, according to new figures from the Central Bank compiled on the basis of reports from payment service providers in Ireland. Its annual payment fraud statistics point to an increase of 27.2 per cent in the value of such criminal activity with over €179 million stolen last year compared with €141 million in 2024.
Fraud affects around one in every 10,000 payments made and while the number of impacted transactions climbed marginally, it was the value of the fraud that jumped sharply, according to the data. The report highlights how the typical value of fraudulent payments depends on the type of payment method with cheques showing the highest average fraud value of €9,741 despite having a comparatively low usage.
Odds tighten on CEO Rothwell’s bid for Irish Ferries owner Credit transfers recorded the second-highest average fraud value at €2,412 last year. Payments made using e-money institutions ranked third, with a notable spike from €692 in 2024 to €1,427 in 2025. Authorised push payment fraud which sees fraudsters gain their victims’ trust by using social engineering to deceive them into authorising payments – now accounts for 45 per cent of total fraud by value.
The value of such fraud was put at just under €75 million and the Central Bank said this type of fraud was particularly prevalent in credit transfers, representing 67.2 per cent of all credit transfer fraud, up from 45.6 per cent in 2024. Cross-border payments dominate payment fraud and accounted for 69.8 per cent of the total fraudulent payment value, amounting to €124.89 million. The Central Bank said this was an increase of 6.3 percentage points from 2024.
“Financial frauds and scams continue to be a key area of concern for the Central Bank of Ireland, as it is for regulators and law enforcement agencies all over the world,” said deputy governor for consumer and investor protection, Colm Kincaid. “As we see criminals become ever more sophisticated in their approach, all actors in the system from financial firms to technology companies need to continue to improve their systems and controls to reduce the likelihood of these frauds occurring,” he added.
Kincaid stressed that where fraud does occur, “firms need to provide appropriate and timely support to affected consumers. The Central Bank has work under way with the firms we regulate to improve customer service for fraud cases. ”“I also encourage anyone who falls victim to fraud to contact their financial service provider immediately.
We know from our research published earlier this year that 38 per cent of fraud victims never report their experience to their financial service provider or any authority. ”“By taking these steps and reporting fraud promptly, you protect yourself and help your financial service provider identify fraud patterns to protect other consumers.
”Right to repair could save us money - but questions still need to be answeredWe want to lend our daughter €350,000 to buy a home – what do we need to know? Patrick Bergin, co-star of Julia Roberts in Sleeping with the Enemy, seeks buyer for Offaly castleBoy dies and man injured after train hits car at crossing in Co MayoLATEST STORIESItaly’s uneasy embrace of air conditioning as the heat keeps rising Our weekly personal finance newsletter will give you the insight you need to save money and make smart spending decisions
Irish Financial Fraud Central Bank Statistics Authorized Push Payments Cross-Border Payment Fraud Fraud Prevention
Ireland Latest News, Ireland Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Irish Nationals Exposed in Elaborate Tourist Scam Across BarcelonaSpanish police have uncovered a sophisticated fraud operation involving three Irish men who used fabricated stories of financial distress to steal thousands of euros from tourists.
Read more »
A Decade-by-Decade Guide to Financial Empowerment for WomenExplore a new framework for women's financial planning that replaces rigid goals with a chapter-based approach, tailoring investment and wealth strategies to every decade of life.
Read more »
The Irish Times view on the EU budget: a key task for Ireland’s presidencyThe divisive issue of the €2 trillion has divided opinion
Read more »
Top 14 opener pits O'Gara's La Rochelle against France's financial and rugby powerhouseAs the French Top 14 begins another season, La Rochelle under Ronan O'Gara face a daunting opening fixture in a league that dwarfs its rivals financially and competitively, with Toulouse chasing an unprecedented fifth consecutive title.
Read more »