International criminal gangs are responsible for the fivefold increase in account takeover fraud, according to gardaí.
Account takeover fraud happens when a cybercriminal gains access to the victim’s login credentials to steal funds or information.
Criminals who sometimes use texts, emails or phone calls to take over accounts and steal money was up by 552 per cent in 2021.
There were more than 3,500 reports of account takeover fraud in comparison with just 544 in 2020.
Some €22½ million was stolen in account takeover fraud. An additional €1 million was stolen through phishing (emails)/smishing (texts) and vishing (calls) in 2021.
Det Insp Mel Smyth of the Garda National Economic Crime Bureau said fraud is now becoming more lucrative for criminals than drugs.
“It is worldwide. Fraud is getting easier to do and gangs are getting more sophisticated at it. They are coaching each other on the dark web,” he said.
“It is easier to move money across borders through the banking system and cryptocurrencies. There are many factors which are good for the people involved in these crimes.”
Account details
Speaking at a briefing to mark Garda Fraud Awareness Week, Det Insp Smyth said most people at this stage have got texts or emails purporting to be from their bank asking them for their account details and pin number.
Others might have got calls purportedly from the Revenue Commissioners asking a member of the public to settle their tax liabilities immediately.
He added: “Our advice is always to be wary of any concerning texts or calls – just stop and think before you click on anything or show it to someone you trust for a second opinion.
“Never give away your personal data and if you have been a victim of account takeover fraud make sure you change your passwords and contact your bank as soon as possible and report it to gardaí.”
The force is advising members of the public who believe they are a victim of fraud, or think their account has been compromised, to contact any Garda station.
