Sinn Féin spokesperson on Finance, Pearse Doherty TD, has welcomed today’s proposals from the European Commission to enhance consumer protections against the alarming rise in financial fraud and scams.

Deputy Doherty said the proposed amendments to the Payment Services Directive, including providing compensation to victims of authorised push payment fraud, should be implemented without delay.

Teachta Doherty said:

“Citizens are increasingly exposed to the criminal activities of fraudsters, with an alarming rise in the incidence of fraud and scams since 2019.

“For some time, I have called for additional measures to be introduced to better protect consumers from the criminal activities of fraudsters.

“Including a requirement for banks to cross-check the name of the person a victim thinks they are sending money to against the name on the actual account.

“And a requirement for banks to reimburse victims of this type of fraud.

“Today, the European Commission has proposed changes to the Directive that would require banks to implement this name check and to compensate victims of fraud where this name check was not carried out or the fraudster impersonated the victim’s bank.

“These are welcome proposals that would be effective in protecting consumers and tackling the criminal activity of fraudsters.

“It is imperative that these changes are implemented without delay.

“Indeed, Irish banks should get ahead of the curve and ensure these important measures are in place as soon as possible.

“The government has no strategy to tackle economic crime and fraud, despite it being a key recommendation of the Hamilton Review over two years ago.

“We also know the Department of Justice is frustrating the establishment of a Shared Information Database for banks and agencies to share the information needed to stop fraudsters.

“It is time this rising crime is addressed with the seriousness it demands.”