Ireland Wakes Up to Surge in Cybercrime: Compliance Institute Survey Reveals Prevalence of Digital Fraud

Survey Highlights Cybercrime as Most Prevalent Financial Crime in Ireland

According to a new survey conducted by the Compliance Institute, cybercrime has emerged as the most prevalent financial crime in Ireland, surpassing fraud and tax evasion. The findings are a cause for concern, highlighting the growing threat of hacking, phishing, online scams, and other forms of cybercrime.

• Survey Result: The survey polled 230 compliance professionals working primarily in Irish financial services organizations. According to the results, cybercrime accounts for the largest share of financial crimes in the country.
• Implications: Cybercrime can cause untold damage not only to its victims but to society at large.

Growing Threat of Cybercrime

Michael Kavanagh, CEO of the Compliance Institute, expressed grave concerns about the potential consequences of cybercrime. He stated, “Cyberattacks can cause untold damage not only to their victims but to society at large.”

Last year, Ireland witnessed a major cyberattack on the Health Service Executive (HSE), leaving thousands of patients’ data exposed. Banking & Payments Federation Ireland (BPFI) figures reveal that fraudsters stole over €85m through frauds and scams in 2022. As a new year begins, there are growing concerns about an increase in these figures.

Need for Regulators to Reassess Their Approaches to Cybercrime

Kavanagh emphasized the need for regulators to reassess their approaches to cybercrime regulation without stifling innovation. He said, “Businesses and organizations must prepare themselves as best they can. The general public also needs to be aware of the measures they can take to protect themselves.”

Ireland’s position as Europe’s largest data hosting cluster amplifies the significance of this trend.

Effective Measures to Combat Cybercrime

Sinn Féin Finance Spokesperson Pearse Doherty reiterated his call for action in response to the survey findings. Doherty insists that an effective response is necessary to combat the threat of financial fraud and scams. He stated, “Banks and An Garda Síochána still don’t have a shared fraud database to tackle fraud and protect consumers.”

Doherty suggested introducing payment systems to cross-check against the name of intended recipients, which could significantly reduce the success of scams and fraud. His comments underscored the urgency for Ireland to implement effective measures to combat the rising tide of cybercrime.

• Sinn Féin’s Proposed Solutions: Doherty’s proposed solutions include setting up cross-checking payment systems and introducing practical measures like name verification.
• Lessons from Other Countries: These measures have proven successful in other countries, underscoring the need for Ireland to act swiftly.