WEALTH September 4, 2026 0 Comments

Payment Fraud Explodes to €179M – What You’re Not Being Told Could Cost You Millions

Ever wonder how fraudsters managed to sneak a staggering €179 million out of Irish pockets last year—an eye-popping 27% jump from 2024? Yeah, me too. It’s like the old game of cat and mouse, but the mouse just got a turbo boost. What’s wild is that even though the number of scams barely ticked up, the value people lost skyrocketed. Trust me, this isn’t just numbers on a page—it’s a wake-up call that the game’s changed, with crooks getting craftier, especially in authorised push payment fraud, which now rakes in almost half of all fraud losses. If you think your payments and transfers are foolproof, think again; the experts at the Central Bank are urging both firms and consumers alike to sharpen up or get played. So, how do we keep our hard-earned cash safe in a world where every click could cost us thousands? Let’s dive in and get the real story behind these staggering stats. LEARN MORE

The value of fraudulent payments reported by Irish payment service providers increased by more than a quarter (+27%) last year to €179m.

Figures from the Central Bank show there were €179.04m in fraudulent payments made in 2025, up from €140.8m the previous year.

Fraud was found to have affected approximately one in 10,000 payment transactions, and the increase in fraudulent payment value was despite the number of fraud transactions rising only marginally.

Authorised push payment fraud, also known as manipulation of the payer fraud, where fraudsters gain trust by using social engineering to deceive consumers into authorising payments, now accounts for 45% of total fraud by value (€74.86m), up from its share of 35.2% in 2024.

This fraud type is particularly prevalent in credit transfers, representing 67.2% of all credit transfer fraud, up from 45.6% the previous year.

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, ie payments sent to accounts located outside of Ireland, dominate payment fraud and accounted for 69.8% of the total fraudulent payment value or €124.89m, marking an increase of 6.3 percentage points from 2024.

“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,” said Colm Kincaid, deputy governor for consumer and investor protection at the Central Bank.

“And, where fraud does occur, 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.

“Consumers can make it harder for the criminals by being cautious online and there is information on the Central Bank’s website to assist in this. I also encourage anyone who falls victim to fraud to contact their financial service provider immediately.

Fraud Payments — The Central Bank of Ireland has found fraud payments totalled €179m last year. (Pic: Sasko Lazarov / © RollingNews.ie)

“We know from our research published earlier this year that 38% 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.

“By taking these steps and reporting fraud promptly, you protect yourself and help your financial service provider identify fraud patterns to protect other consumers.”

(Pic: Getty Images)