January 16, 2024
Policies and plan needed to tackle financial fraud and scams as cybercrime and fraud top financial crime threats in the State – Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has again called for policy action and a multi-annual plan to combat the growing threat of financial fraud and scams. 

Deputy Doherty was speaking after a survey by the Compliance Institute found that hacking, phishing, online scams and fraud were the top financial crime threats in the State. 

Speaking today, Teachta Doherty said:

“Since 2019 we have seen an alarming and massive increase in fraud and scams.

“Whether it is online, by text message or email, fraudsters are targeting citizens with fraudulent content to steal their money.

“A survey published today by the Compliance Institute has found that hacking, phishing, online scams and other forms of cybercrime are now the most prevalent financial crimes in the State.

“Fraudsters are robbing citizens of millions of euros each year and are becoming more sophisticated as they carry out their crimes.

“Today’s warning by the Compliance Institute must spur action to protect citizens.

“Despite this growing threat, the Government has no plan to tackle the problem.

“We are still without a multi-annual strategy to combat economic crime and fraud.

“Banks and An Garda Síochána still do not have a Shared Fraud Database to tackle fraud and protect consumers.

“Citizens are vulnerable to the actions of fraudsters and scammers and action is required.

“Online platforms and social media giants must be held accountable for scams that are advertised online, even sponsored by social media giants and online platforms such as Google.

“And it is time for our banks to set up payment systems to cross-check the name of the person that victims are sending their money to against the name on the account that is receiving money.

“This is a practical and effective measure that has been introduced in Britain and the Netherlands.

“It is time to take action and protect citizens and businesses from this threat.”

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