"The number of fraudulent payments reached €160m last year with so-called e-money fraud suffering the sharpest rise, a study by the Central Bank of Ireland shows. The biggest losses last year were credit transfers, or bank payments, followed by card payments, which made up a combined €113m. Neither saw significant increase, however, but fraudulent e-money payments rose from €3.3m in 2023 to €25.6m last year. E-money is the digital form of cash stored electronically, which can also be referred to as digital or electronic wallets."
"The total volume of fraudulent payments rose by 40.7pc from 2023. There were a staggering 815,000 occurrences of fraud recorded last year. When broken down to individual transactions, the amount of money fraudsters were obtaining through e-money transactions was alarming. E-money had an average value of fraud at €692 in 2024, a notable spike from €142 a year earlier. The average size of bogus and misdirected direct debits also increased to €107 last year."
Fraudulent payments reached €160m in 2024, with credit transfers and card payments accounting for €113m of losses. Fraudulent e-money payments surged from €3.3m in 2023 to €25.6m in 2024. E-money is electronically stored digital cash and is offered by firms such as Stripe, Facebook and Booking.com. The total volume of fraudulent payments increased 40.7% year-on-year, with 815,000 recorded incidents. The average e-money fraud value rose to €692 from €142, while the average bogus or misdirected direct debit increased to €107. Payment service providers supplied the data underlying these figures.
Read at Irish Independent
Unable to calculate read time
Collection
[
|
...
]