Business

Bank of Ireland fraud prevention team received more than 10,000 calls over Christmas period

Financial institution seeks development of national financial crime strategy

Customers called the fraud prevention team for multiple reasons including spotting a transaction they did not recognise, receiving a suspicious text or call or reporting a lost card, Bank of Ireland said. Photograph: Alan Betson
Customers called the fraud prevention team for multiple reasons including spotting a transaction they did not recognise, receiving a suspicious text or call or reporting a lost card, Bank of Ireland said. Photograph: Alan Betson
Fiona Keeley
Thu Jan 16 2025 - 13:04

The Bank of Ireland fraud prevention team received more than 10,000 calls over the Christmas period. It was a “relatively typical” number compared with the same period in 2023, said Paul O’Brien, security group spokesman from the bank.

Some 2,800 calls were received by the team on December 23rd, the busiest day of the period. A further 1,734 calls were received on December 27th, the second busiest day for inquiries.

The data takes in calls received by Bank of Ireland’s fraud prevention team from December 23rd, to 29th, 2024.

It shows that fraudsters never take a break, said Susan Russell chief executive of the retail Ireland division of Bank of Ireland.

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Customers called the fraud prevention team for multiple reasons including spotting a transaction they did not recognise, receiving a suspicious text or call or reporting a lost card, the bank said.

Data collected on behalf of Bank of Ireland shows three out of four customers wanted to speak with their bank if they were either worried about a transaction or fall victim to fraud.

Bank of Ireland published a four-point plan in September last year calling for action to be taken to protect people against fraud. The points included restricting social media ads for financial products solely to financial service providers and introducing a shared fraud database that financial service providers could access.

The database would allow information on confirmed fraud to be shared within the banking industry and with other regulatory partners, said Mr O’Brien.

He said the database would have “very clear controls”. In the programme for government, published on Wednesday, the incoming coalition says it will work with stakeholders to establish a fraud database.

The Bank of Ireland plan also proposes the introduction of a text filter. It would be similar to spam filters for emails, the bank says, and block any harmful links.

The final point of the plan calls for the development of a national financial crime strategy. This strategy would help co-ordinate the approach to prevent financial fraud, the plan says.

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