Bank of Ireland has outlined a four point plan to better protect consumers and businesses from fraud amid a 76% increase in investment fraud this year.
The Bank of Ireland plan calls for action in a number of areas where consumers are especially vulnerable to fraud, and where change is urgently required.
Its plan includes restricting online advertising for financial products and services to financial services providers that are regulated, the development of a shared fraud database, the introduction of an SMS scam filter, and for a co-ordinated national financial crime strategy to be put in place.
Bank of Ireland said these actions would better protect both consumers and businesses from the wave of fraud attempts they are vulnerable to through text messages, social media ads, and search engine results.
The bank said it has written to the Oireachtas Committee on Finance, Public Expenditure and Reform and political parties in Leinster House to set out the four interventions and to explain how these actions would significantly enhance consumer and business protection from fraud and financial crime.
On the SME scam filter, Bank of Ireland said that when a fraudulent message is sent, the scammer often pretends to be from a business or organisation with a large consumer base.
Fake texts from delivery companies, banks and postal services are among some of the more common scams.
These messages usually feature a link, leading to fake websites or downloading malicious software to the phone. The fraudster can then use the information collected to steal money or carry out unauthorised card transactions.
Under Bank of Ireland’s plan, an SMS scam filter would operate like the spam filters applied to email boxes. It would detect and block harmful links or content.
ComReg has highlighted that Ireland is out of step with other English-speaking countries in not having an SMS scam filter. This is significant, because English-language spam texts can easily be repurposed to target Irish consumers.
At a European level, an SMS filter is already in place in some member states. The introduction of a SMS scam filter in Ireland would require new legislation by the Department of Environment, Climate, and Communications. Bank of Ireland are calling for this matter to be prioritised.
Fraud and scams cost Ireland €100m in 2023, up 16% on 2022.
Myles O’Grady, CEO of Bank of Ireland, said that financial crime respects no individual, no company, no Government and no border.
“It constantly evolves to target us in new ways and to steal money, hurting individuals and society as a whole. That is why we are calling for action, setting out four important proposals to help combat this problem,” the CEO said.
“To the end of 2025, Bank of Ireland will spend €50m to protect our customers from fraud. This includes resourcing a dedicated fraud team which works 24/7 to catch fraud attempts, and which our customers can call anytime, day or night,” he said.
“We’re also investing in technology, and run an always-on, high-profile consumer awareness programme. Criminals constantly evolve, however, and we all need to work together on this serious problem,” he added.
If you believe that you have fallen victim to a scam, ComReg advise that you contact your local Garda station or visit Garda.ie