Ireland Wakes Up to the Prevalence of Cybercrime in Finance

Updated: Tuesday, 16th January 2024, 17:41 GMT

Cybercrime Surpasses Traditional Financial Crimes in Ireland

A survey conducted by the Compliance Institute, the leading professional body for compliance professionals in Ireland, reveals alarming trends in financial crimes. The survey polled 230 compliance professionals working in Irish financial services organizations:

• Cybercrime: The most prevalent financial crime in Ireland (62%)
• Fraud and tax evasion: Second place (38%)

The New Norm in Irish Finance: Cybercrime

Some common cybercrimes in Irish finance include:

• Hacking
• Phishing
• Online scams

Michael Kavanagh, CEO of the Compliance Institute, expressed deep concern:

“Cyberattacks can devastate individuals and organizations, leaving a trail of destruction that transcends those directly affected.”

High-Profile Cybercrime Incidents

• 2021 HSE hacking incident: Widespread damage to patient care
• Banking & Payments Federation Ireland (BPFI) reported almost €85m in frauds and scams in 2022

Addressing the Urgent Need for Action

Regulatory Balance

Kavanagh urged regulators to balance effective regulation, oversight, and fostering innovation:

“Ireland’s position as Europe’s largest data hosting cluster underscores the urgency to implement comprehensive cybercrime prevention and data protection systems.”

Business Priorities

Businesses and organizations must prioritize robust cybersecurity measures.

Call for Policy Action

Sinn Féin’s Proposal

Sinn Féin’s spokesperson on Finance, Pearse Doherty, proposed a practical measure for Irish banks:

“Set up payment systems for banks to cross-check the names of individuals sending funds to against the names of the recipients’ accounts.”

This method has been successfully implemented in Britain and the Netherlands, addressing a crucial gap in Ireland’s anti-scam measures.