Fraud Warnings Grow in Ireland as Scam Losses Rise and Phone Fraud Remains A Threat

Did you know that according to RTE, i.e., small and medium-sized Irish businesses lost about €19 million to email-related scams alone over the past two years? If that’s not enough, FraudSMART, a Banking & Payments Federation Ireland (BPFI) initiative, reported that some companies suffered average losses of more than €22,000 during that period. Imagine losing such a large amount of money to a single email that looked completely legitimate.

For a small business operating on tight margins, losing €22,000 could mean postponed investments or even jeopardising relationships with vendors. And beyond just the financial hit, the stress and uncertainty that comes after realising you’ve been scammed can ripple across the entire organisation, affecting decision-making. This is a big part of why Irish people are becoming increasingly cautious about where and how they spend their time online.

Take a sector like casino gaming, for instance. Well, of course, a player would want to consider other aspects like bonuses when deciding where to take their play. Some may opt for €50 no deposit casinos in Ireland, while others might lean towards platforms that offer higher deposit match bonuses or loyalty rewards. But whichever route they choose, one thing is clear: vigilance is non-negotiable. Since scammers know exactly how to exploit that split-second curiosity, online users, regardless of whether they are casino players or casual shoppers, must stay alert at all times.

The rising tide of online fraud

Fraud has become popular so much so that every time you see shopping deals in your inbox, your instincts are right to pause. According to BPFI, more than two-thirds of Irish SMEs have been targeted by a financial scam within the last year. Perhaps surprisingly, phone calls accounted for over half (51.2%) of these scams, while text messages accounted for 48.8%. Clearly, scammers have moved from ancient practices to more advanced tactics, where they are constantly adapting to everyday behaviors.

Take mobile usage in Cork, for instance. If you apply the national estimate that 93% of Irish people own a smartphone, then roughly 214,277 (93% of 230,406) people in Cork likely own a mobile. This is a figure cybercriminals would definitely want to take advantage of. And that’s a big part of why there has been a rising number of scams in the region.

Unfortunately, a good percentage of businesses have yet to implement proper fraud awareness guidelines to help deal with these instances. According to Niamh Davenport, Head of Financial Crime at BPFI, “more than half (53%) of businesses report not having fraud awareness guidelines and training in place for employees, leaving their business exposed.” 

And as these businesses fall behind, scammers are advancing their efforts. Most of them now spend time building trust before they strike. In many cases, they pretend to be someone familiar to make you feel safe before letting your guard down.

Phone and text scam tactics as the new frontier

Think of it this way: You’re in the middle of making dinner when your phone buzzes with a text from what looks like a well-known courier company. It claims there’s an issue with your delivery and asks you to click a link. Well, because of how urgent it may feel, you might instinctively tap the link without giving it a second thought.

After all, missing a delivery can be inconvenient, and the message often looks polished enough to pass as genuine. But that single click could redirect you to a fake website designed to capture your personal details. And it doesn’t always stop at texts. Sometimes the phone rings, and on the other end is a calm, confident voice claiming to be from your bank. 

They may warn you about suspicious activity on your account and urge you to act quickly. In that moment, everything feels real, but in reality, the individual is guiding you step by step into handing over access to your own money.

The dangerous aspect of these scams is how personal they can feel. The scammer adapts in real time, building just enough trust to push toward a costly mistake. Looking at the statistics from the Allied Irish Bank, you may be surprised to learn that such fraudulent activities recently rose by 297% within just five months.

So, what can you do?

One of the biggest problems of this cybercrime trend is awareness. As the volume of attacks increases, just a few people are taking steps to protect themselves. Breaking News published a report along these lines, claiming that less than one-third of people take basic online security steps, like enabling multi-factor authentication. And mark you: this comes at a time when 78% of consumers are now being targeted with scam texts.

But if you want to avoid being part of those who get affected by attacks:

• Pause before you act to avoid falling into the trap of urgency
• Verify messages or calls using trusted contact numbers
• Use security tools like two-factor authentication and keep software up to date
• Share scam experiences with your friends or family to increase awareness

The days when fraud was a distant headline are long gone. Today, these incidents have become part of everyday life, and if you aren’t careful, they can catch you off guard when you least expect them. That’s why there has been a growing push for continuous awareness and stronger digital habits all across Ireland.

SP