Financial Inclusion Key to Fighting Cybercrime, Survey Finds

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

The Prevalence of Cybercrime

The study found that hacking, phishing, online scams, and other forms of cybercrime are the most common financial crimes faced by Irish financial institutions. A total of 230 compliance professionals working primarily in Irish financial services organisations nationwide were polled for the survey.

Other Financial Crimes

Fraud and tax evasion take joint second place as the most prevalent financial crimes in Ireland. Money laundering, bribery and corruption, and insider trading followed closely behind.

The Growing Concern of Cybercrime

According to Michael Kavanagh, CEO of the Compliance Institute, cybercrime is a growing concern due to its rapid development and advancement. “These attacks can have catastrophic consequences not just for those whom they are perpetrated against, but for the wider public,” he warned.

The Need for Elevated Cybersecurity Measures

The survey’s findings highlight the need for elevated cybercrime and data protection systems in Ireland, particularly given the country’s status as Europe’s largest data hosting cluster.

Regulatory Balance and Public Awareness

The Compliance Institute is calling on regulators to find a balance between regulating and supervising financial institutions without stifling innovation. Businesses and organisations must also take steps to prepare and respond to these threats, while the general public needs to be aware of what measures they can take to protect themselves.

Policy Action Needed

Sinn Féin’s spokesperson on Finance, Pearse Doherty, has renewed his call for policy action to combat financial fraud and scams. He has highlighted the need for a shared fraud database between banks and An Garda Síochána, as well as payment systems that cross-check the name of the sender against the account holder.

Promoting Financial Inclusion

The survey’s findings have sparked concerns about the vulnerability of citizens to financial fraud and scams. As the country looks to promote financial inclusion, it is crucial that measures are put in place to protect consumers from these threats.

Key Takeaways

• Cybercrime is the most prevalent financial crime in Ireland
• Hacking, phishing, online scams, and other forms of cybercrime are common financial crimes faced by Irish financial institutions
• The need for elevated cybersecurity measures is highlighted due to the country’s status as Europe’s largest data hosting cluster
• Regulatory balance and public awareness are crucial in combating financial fraud and scams
• Policy action is needed to combat financial fraud and scams, including a shared fraud database and payment systems that cross-check sender information against account holders.