Financial Crime World

Financial Crimes on the Rise: Cybercrime Reigns Supreme in Ireland

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A recent survey by the Compliance Institute has revealed that cybercrime is the most prevalent type of financial crime in Ireland, surpassing fraud and tax evasion.

Survey Findings

The study polled 230 compliance professionals working primarily in Irish financial services organisations nationwide. According to the findings, hacking, phishing, online scams, and other forms of cybercrime are the most common financial crimes in Ireland, followed closely by fraud and tax evasion. Money laundering, bribery and corruption, and insider trading rounded out the top five.

Cybercrime: A Growing Concern

Banking & Payments Federation Ireland figures show that fraudsters stole nearly €85m through frauds and scams in 2022. With Ireland now considered Europe’s largest data hosting cluster, experts warn that the need for elevated cybercrime and data protection systems has never been more pressing.

Regulators and Businesses Must Act

Regulators must balance the need to regulate and supervise with the risk of stifling innovation, while businesses and organisations must prepare and respond to these threats. The general public also needs to know what measures they can take to protect themselves from financial crimes.

Policy Action Needed

Sinn Féin’s spokesperson on Finance Pearse Doherty has renewed his call for policy action and a multi-annual plan to combat the growing threat of financial fraud and scams. He is urging banks and An Garda Síochána to establish a Shared Fraud Database to tackle fraud and protect consumers, as well as implementing practical measures such as cross-checking payment systems to prevent fraud.

Conclusion

The findings of this survey highlight the need for urgent action to address the rising tide of financial crimes in Ireland. With cybercrime on the rise, it is essential that individuals, businesses, and regulators work together to stay one step ahead of these criminals and protect the integrity of the financial system.

Takeaways:

  • Cybercrime is the most prevalent type of financial crime in Ireland
  • Hacking, phishing, online scams, and other forms of cybercrime are the most common financial crimes in Ireland
  • Regulators and businesses must balance regulation with innovation and prepare for cybercrime threats
  • Policy action is needed to combat financial fraud and scams
  • Individuals can take measures to protect themselves from financial crimes by staying informed and vigilant.