Cybercrime Surges Ahead as Most Prevalent Financial Crime in Ireland, Warns Compliance Institute

Latest Survey Reveals Pressing Concerns

Updated / Tuesday, 16 January 2024 17:41 GMT

Traditional financial crimes like tax evasion and fraud have long been a concern, but the Compliance Institute’s latest survey reveals a new primary threat: cybercrime. Here’s a snapshot of the findings:

• Cybercrime is the most rampant financial threat, accounting for 42% of financial crimes recorded
• Hacking, phishing, and online scams are the primary concerns
• Fraud and tax evasion share the second position (27% each)

Urgency to Address Cybercrime

Michael Kavanagh, CEO of the Compliance Institute, emphasizes the importance of addressing cybercrime:

• Cybercrime poses severe risks including significant damage and harm to the wider public
• 2021 HSE hacking incident serves as a reminder

Financial Losses and Impact

• A staggering €85m was stolen through frauds and scams in Ireland during 2022
• With Ireland being Europe’s largest data hosting hub, advanced cybercrime countermeasures are necessary

Balancing Regulations and Innovation

Kavanagh also urges regulators and businesses to be cautious not to impede innovation while addressing cybercrime and data protection.

Sinn Féin’s Call forAction

Responding to the findings, Pearse Doherty, Sinn Féin’s Finance spokesperson, shares his concerns and suggestions:

• A call for a comprehensive, long-term strategy to tackle financial fraud and scams
• Concern over the absence of a Shared Fraud Database (jointly used by banks and An Garda Síochána)
• Irish banks could adopt a system of cross-checking the name of receivers against the account holder’s name during transactions