Small and medium sized businesses lost almost €10m through email-related scams last year.
The number of cases reported by SMEs increased almost 25% when compared with 2022.
"They usually don't request any payment upfront but ask for the bank account details on file to be changed for future invoice payments and provide a new IBAN and BIC code for the 'new account’. Ms Davenport warned SMEs that while fraudsters target businesses of all sizes, smaller firms can be particularly vulnerable.
FraudSMART has joined forces with the Irish SME Association to urge SMEs to be on the alert and put measures in place to protect their business.
Business Science And Technology Banking And Payments Federation Ireland BPFI Isme
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