Bank of Ireland welcomes key fraud preventions measures in the Programme for Government

With Irish consumers more exposed to fraud than their counterparts in other English-speaking countries, Bank of Ireland has welcomed a number of fraud commitments that it had advocated for in the Programme for Government. These include a commitment to facilitate a Shared Fraud Database, examine the feasibility of an SMS scam filter, and for online platforms to only advertise financial products from companies regulated by their competent national authority.

Against a backdrop where fraudsters stole almost €100 million through frauds and scams in 2023, speedy implementation of these commitments is needed to remedy the weaknesses in the Irish public policy framework.

The Programme for Government commitments include:

  1. Establishment of a Shared Fraud Database. Financial institutions, utility companies, and payment companies are not allowed to share details of fraud between them. A shared fraud database in Ireland would facilitate the sharing of important fraud related information and would help to prevent customer losses more swiftly. To facilitate this, enabling regulations are required under the Data Protection Act 2018.
  2. Advocate for national and EU legislation that permits online platforms to only advertise financial products from companies regulated by their competent national authority. Bank of Ireland believes that national and European legislation should be amended so that online platforms may only publish advertising for financial products and services from companies that are authorised to sell financial products in the EU. This proposal is now under discussion as part of the EU review of the Payments Services Regulation.
  3. Examine the feasibility of implementing an SMS scam filter. ComReg has highlighted that Ireland is out of step with other English speaking countries in not having an SMS scam filter. This filter would operate like the spam filters that are applied to email inboxes by detecting and blocking harmful links or content. An SMS filter is already in place in some EU Member States. The introduction of a SMS scam filter in Ireland would require new legislation which in our view should be prioritised.

Susan Russell, CEO Retail Ireland, Bank of Ireland, said,

“Prevention really is better than cure when it comes to fraud as Irish consumers and businesses are more exposed than their counterparts in other English-speaking countries. Bank of Ireland had proposed a number of policy changes to prevent fraudsters from targeting Irish consumers in the first instance. We welcome the inclusion of these commitments in the Programme for Government and we will continue to advocate for their speedy delivery by the new Government.

“Between 2024 and 2025, Bank of Ireland will spend €50 million 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. 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.”