Cybercrime Tops List of Financial Crimes in Ireland, Survey Reveals
A recent study by the Compliance Institute has found that hacking, phishing, online scams, and other forms of cybercrime are the most prevalent financial crimes in Ireland. The survey polled 230 compliance professionals working in Irish financial services organizations nationwide, revealing that fraud and tax evasion are a close second in terms of frequency.
Prevalent Financial Crimes in Ireland
- Hacking
- Phishing
- Online scams
- Cybercrime (money laundering, bribery and corruption, insider trading)
The study suggests that while traditional financial crimes such as tax evasion and insider trading continue to be a problem, cybercrime is now the leading threat. According to the CEO of the Compliance Institute, Michael Kavanagh:
“Cybercrime is becoming increasingly sophisticated and advanced at an alarming rate… Ireland’s status as Europe’s largest data hosting cluster puts a high premium on effective cybercrime and data protection systems.”
Kavanagh cites the 2021 hacking of the Health Service Executive (HSE) as an example of the devastating consequences that can result from these attacks.
The Role of Regulators
Regulators must strike a balance between regulating and supervising financial institutions without stifling innovation. Businesses and organizations must develop strategies for preparing and responding to these threats.
The General Public’s Role
The general public also has a crucial role to play in protecting themselves from financial crimes. With fraudsters reportedly stealing nearly €85m through scams and frauds in 2022, the need for heightened awareness and vigilance is clear.
Proactive Measures
As the new year gets underway, there are concerns that the figures may rise again, making it essential for individuals and organizations alike to take proactive measures to safeguard against these threats. By being aware of potential scams and taking steps to protect personal and financial information, individuals can significantly reduce their risk of falling victim to cybercrime.
Remember: awareness is key in preventing financial crimes. Stay informed, stay vigilant, and take proactive measures to keep your finances safe!