The Central Bank of Ireland reports that Irish consumers face lower rates of payment fraud compared to their EU counterparts. Despite a recent increase in the value of fraudulent payments, the number of fraud incidents in Ireland remains relatively low.
Irish consumers are less vulnerable to payment scams compared to their counterparts in the European Union, according to the Central Bank of Ireland . Despite a recent surge in the value of fraudulent payments, the number of fraud incidents remains relatively low in Ireland . The bank's analysis reveals that fraud rates are lower than the EU average for most payment methods, including credit transfers, e-money payments, and direct debits.
However, card payment fraud rates are slightly higher in Ireland than the EU average. \In 2022 and 2023, card payment fraud accounted for 0.034% and 0.036% of total transaction value in Ireland, compared to EU averages of 0.026% and 0.031% respectively. Sangamithra Varadarajan, a statistical data analyst at the Central Bank, conducted the research, which found that payment fraud disproportionately affects cross-border payments, mirroring similar trends across the EU. Around 60% of the total fraud value between 2022 and 2023 involved cross-border payments, amounting to €77 million in 2023 and €64 million in 2022. \Overall, online card payments had a fraud rate of 0.06% in 2023, six times higher than the 0.01% rate for physical payments. The majority, 84%, of card payment fraud incidents in 2023 were linked to online transactions, totaling €37.4 million. Card detail theft, often involving the cloning of card details by criminals using devices installed on ATMs or by hacking public Wi-Fi, was the most prevalent method of fraud, accounting for two-thirds of the value of fraudulent card payments in 2023. The volume of reported fraud in Ireland has been so substantial over the past 18 months that tens of thousands of reports are yet to be processed. This has led the Central Statistics Office (CSO) to indefinitely pause the publication of national crime trends until a clearer understanding of the fraud situation in Ireland is achieved
PAYMENT FRAUD IRELAND EU CENTRAL BANK CARD PAYMENTS ONLINE TRANSACTIONS CROSS-BORDER PAYMENTS CARD DETAIL THEFT
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