Consumers warned to be on alert for highly deceptive scams as new figures show 27% jump in losses
Friday 4th September – FraudSMART, the fraud awareness initiative led by the Banking & Payments Federation Ireland (BPFI), is urging consumers to be on alert for scam text messages, calls and online adverts as the latest figures from the Central Bank of Ireland shows losses of €179 million in 2025 through fraudulent payments and scams, up 27% from 2024.
Authorised push payment (APP) fraud, where a scammer gains the trust of a consumer deceives them into sending money directly from their account to an account which the criminal controls, now accounts for 45% of total fraud by value (€74.86 million) according to the CBI, up from over 35% in 2024. This fraud type is particularly prevalent in credit transfers, also known as account-to-account payments. Credit transfers accounted for about three quarters (74.9%) of APP fraud and the value of APP credit transfer fraud almost doubled (up 95%) year on year to almost €53 million in 2025.
Fraudsters are increasingly using sophisticated social engineering tactics, including AI-enabled impersonation
Mary D’Arcy, Financial Crime Lead, BPFI stated: “The latest figures from the Central Bank of Ireland highlight the growing scale and sophistication of fraud, with losses increasing to €179 million in 2025 and authorised push payment fraud now accounting for almost half of all fraud losses. Fraudsters are increasingly using sophisticated social engineering tactics, including AI-enabled impersonation, to exploit trust and manipulate consumers into making payments themselves.”
“Criminals are also targeting consumers directly through online platforms, advertisements, social media, messaging services and phone calls, making scams more difficult to identify. Consumers should be especially cautious when asked to transfer money, share personal or financial information, or respond to unexpected communications, even where these appear to come from a trusted source.”
Offering consumers advice on how to protect themselves, Ms D’Arcy added: “These scams are designed to appear genuine and can be very difficult to spot, which is why any of us can fall victim. It is so important to pause and take time to check. Importantly, don’t be afraid to ask for help if something does go wrong. If you think you have fallen victim to a scam, contact your bank immediately using the number on the back of your debit or credit card and report the incident to the Gardaí.”
A coordinated national response across all sectors is essential to disrupt scams and better protect consumers
She concluded: “While industry is investing significantly in fraud prevention, detection and consumer awareness, fraud cannot be tackled by banks alone. Criminals exploit multiple channels, from social media and online advertising to phone calls and text messages, so a coordinated national response across all sectors is essential to disrupt scams and better protect consumers, including financial services, online platforms, telecommunications providers, Government, regulators and law enforcement. BPFI and our members are working through Ireland’s National Cross-Sector Anti-Fraud Forum, established under the National Payments Strategy, to strengthen fraud prevention, consumer awareness and information-sharing across sectors.”
Simple steps consumers can take to prevent themselves falling victim to scams
- Think Before You Click – pause before engaging with unexpected messages, emails or offers.
- Verify, Don’t Trust – always independently check websites, senders, and requests. Use Scamchecker.ie
- Protect your Financial Information – never share banking security codes, full PINs, or passwords and remember your bank will never ask for them
- Block & Report – stop repeat scams by blocking and reporting fraud attempts.
- Stay One Step Ahead – knowledge is power. Sign up for real-time scam alerts through FraudSMART.ie
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Contact: Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
About FraudSMART: FraudSMART is a fraud awareness initiative developed by Banking & Payments Federation Ireland (BPFI) in conjunction with the following member banks, Allied Irish Bank plc, An Post Money, Avant Money Barclays Bank Ireland, Citibank Plc, Irish League of Credit Unions (ILCU), PTSB and Revolut. The programme aims to raise consumer and business awareness of the latest financial fraud activity and trends and provide simple and impartial advice on how best they can protect themselves and their resources. www.FraudSMART.ie.
About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
