Financial Crime World

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Financial Crime Statistics Globally in Ireland: Cybercrime Reigns Supreme

A recent survey by the Compliance Institute has shed light on the most prevalent financial crimes in Ireland, with cybercrime emerging as the number one threat.

Survey Methodology

The survey polled 230 compliance professionals working primarily in Irish financial services organizations nationwide.

Top Financial Crimes in Ireland

According to the findings, the top financial crimes in Ireland are:

  • Cybercrime (34%): Hacking, phishing, online scams, and other variations of cybercrime were considered the most prevalent financial crime.
  • Tax Evasion and Fraud (21% each): Joint second place for these traditional criminal pursuits.
  • Money Laundering (19%): Fourth on the list.
  • Bribery and Corruption (4%): Least reported at 1%.
  • Insider Trading (1%): The least reported financial crime.

Commentary from CEO of Compliance Institute

Michael Kavanagh, CEO of the Compliance Institute, commented on the findings:

“While financial crimes from tax evasion to insider trading could be classed as traditional criminal pursuits, cybercrime is more new-age. It’s developing and advancing at a pace that organizations and legislators cannot keep up.”

Growing Concern of Fraud in Ireland

According to Banking & Payments Federation Ireland (BPFI) stats, fraudsters stole nearly €85 million through frauds and scams in 2022, an increase of 8.8% on 2021.

Urgent Need for Cybercrime and Data Protection Systems

Kavanagh emphasized that with Ireland being Europe’s largest data hosting cluster, the need for elevated cybercrime and data protection systems is more pressing than ever. He urged regulators to ask themselves how they can regulate and supervise without stifling innovation, while businesses and organizations must consider how best to prepare and respond to these emerging threats.

Importance of Public Awareness

The general public also needs to take measures to protect themselves from financial crime, Kavanagh stressed. The survey’s findings serve as a stark reminder of the importance of staying vigilant in the face of growing cybercrime and fraud threats.

Stay informed, stay safe!