Half of fraud due to scammers using social engineering to deceive consumers
There has been a big increase in the amount of money stolen from consumers in payment fraud stings.
Payment fraud increased by 27pc to reach €179m last year, million in 2025, n w Central Bank figures show.
Experts at the regulator’s office said fraud affects approximately 1 in 10,000 payment transactions.
An analysis by the Central Bank that the number of fraud transactions rose only marginally last year. But there was a large increase in overall fraudulent payment value.
Almost half of fraud by value is accounted for by authorised push payment fraud.
This is also known as manipulation of the payer fraud. It is where fraudsters gain trust by using social engineering to deceive consumers into authorising payments.
Some €75m was illegally taken from consumers by fraudsters using authorised push payment scams. This was a 35pc rise on the figure for 2024.
The average value of fraudulent payments varies according to the payment methods used, the Central Bank said.
Despite a lower fraud rate, cheques recorded the highest average fraud value at €9,741.
Credit transfers recorded the second-highest average fraud value at €2,412 in 2025.
Payments made using e-money institutions ranked third with a notable spike from €692 in 2024 to €1,427 in 2025.
Cross-border payments, which involves payments sent to accounts located outside of Ireland, dominate payment fraud.
They accounted for 70pc of the total fraudulent payment value, amounting to €125m. This marks an increase of 6.3 percentage points from 2024.
Deputy Governor for Consumer and Investor Protection Colm Kincaid said: “Financial frauds and scams continue to be a key area of concern for the Central Bank of Ireland, as it is for regulators and law enforcement agencies all over the world.
“As we see criminals become ever more sophisticated in their approach, all actors in the system from financial firms to technology companies need to continue to improve their systems and controls to reduce the likelihood of these frauds occurring.”
Mr Kincaid said that where fraud occurs, firms need to provide appropriate and timely support to affected consumers.
The Central Bank has work underway with the firms we regulate to improve customer service for fraud cases, he said.
Consumers can make it harder for the criminals by being cautious online.
Mr Kincaid said anyone who falls victim to fraud should contact their financial service provider immediately.
“We know from our research published earlier this year that 38pc of fraud victims never report their experience to their financial service provider or any authority.
Fraud victims who report their experience are more likely to recover their money, he said.
“By taking these steps and reporting fraud promptly, you protect yourself and help your financial service provider identify fraud patterns to protect other consumers.”
The Central Bank said risky online behaviours that can lead to fraud include making purchases from unfamiliar websites.
The risky behaviours include sharing banking or payment card details through insecure channels like email or messaging apps.
Sending money to people met online but never in person is also considered high risk.
Consumers were told to not respond to unsolicited messages offering discounts or promotions.
Another risky behaviour is making frequent high-value purchases online, the regulator said.