Despite a new measure by ComReg, Irish consumers are set to remain vulnerable to scammers and won’t have the same protections and supports that exist elsewhere
Scam calls and texts are estimated to cost Irish consumers and businesses more than €300 million a year, according to ComReg. Photograph: iStock
Energy supplier Yuno hits reader with €870 overcharge and admits others impacted following systems upgrade SMS aggregators and mobile service providers handling bulk SMS traffic on behalf of organisations need to preregister their business customers’ SMS sender IDs with ComReg by February 25th. The bank also pointed to the need to take clear action to ensure that online advertising for financial products and services is only permitted by entities regulated to offer them, and the introduction of a shared fraud database in Ireland.
And even when it comes into effect Irish consumers will remain vulnerable to scammers and won’t have the same protections and supports that exist in the UK. The UK code implemented the “contingent repayment model”, which applies to personal customers, charities and microenterprises with an annual income of less than £1 million .
Speaking in the Dáil he pointed out that “at the moment, anyone involved in credit card fraud is guaranteed to get their money back. Everything is set up for the banks to do that. But for APP, which is romance fraud, investment scams, holiday scams and catfishing, there is nothing in place. In my view, there should be statutory protections there, as there are in the UK”.
“To effectively combat APP fraud Ireland needs a centrally led, ‘whole-of-system’ response where social media companies, telecoms, financial services, the State and An Garda Síochána can collaborate to devise appropriate strategies to better share intelligence, implement protections for consumers and develop barriers to criminals. To this end, BPFI and its members have continued to highlight the need for the development of a national financial crime strategy.
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