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New FraudSMART campaign helps protect against financial fraud

FraudSMART, a new fraud prevention and protection initiative, is arming Irish consumers and businesses with information, top tips and advice on how they can best protect themselves against financial fraud and the latest scams as part of Financial Fraud Awareness Week.  The campaign jointly developed by the banking sector, led by the Banking and Payments Federation Ireland are asking people to visit, the new online resource packed full of tips, advice and information to prevent and protect you, your friends, family or businesses against fraud.

With over half of Irish people (58%) stating they feel more vulnerable to fraud than they did two years ago, it’s more important than ever to raise awareness, inform and educate. But while many Irish people take steps to protect themselves, there are still some everyday habits that leave people open to being scammed by fraudsters!

According to research carried out by the Banking and Payments Federation of Ireland, a quarter of people check their online banking on public Wi-Fi and almost one in five (17%) allow their card out of sight when making a payment. One in ten said that they would still give out their PIN details over the phone if asked by a representative from a bank.

With the vast majority of Irish people (79%) experiencing some form of financial fraud (email, phone, text, online or other), as detailed in the research, they agreed that there were a number of measures they could have taken to avoid being scammed, including:

  • never click on a link in an email, text or ad they were not expecting to receive – 61%
  • paying heed to their instincts, the nagging feeling you get when something isn’t right – 54%
  • never open or download an attachment in an email until it has been verified – 52%
  • be less trusting of the authenticity of a person making unexpected contact by phone or email – 48%
  • never share financial or security information, such as Card PIN number or full online banking user ID and password, over the phone or email – 48%
  • covering their PIN when at an ATM or at a payment terminal in a shop – 43%
  • keeping a card in sight at all times when paying for goods or services – 42%
  • taking time even if the scammer is imparting a sense of urgency – 40%
  • verify the person is who they say they are by double checking – 39%
  • worry less about being rude and more about confirming the identity of a person requesting information – 38%
  • Only shop with retailers who are known to be trustworthy – 36%

Niamh Davenport, Fraud Awareness & Payments Manager at the BPFI said: “The sophistication of scams today can often confuse and distract people, whether it appears to be an offer of a genuine refund for an overpayment or a lotto win. However, it is often a simple or easy measure that people can take to protect against fraud and I its important people know these to avoid being vulnerable to fraudsters!

This year marks the first year of Financial Fraud Awareness Week and we hope that it focuses people’s attention on how they can play their part in avoiding scams. If anyone thinks that they’ve been impacted by fraudulent activity, they should contact their bank immediately and also report it to the Gardaì/Police.”

Financial Fraud Awareness Week runs from today, Monday, 9th October until Sunday, 15th October 2017. To inform yourself on how best you can protect yourself (and your business) against fraud visit or follow the campaign on twitter and facebook. This campaign is led by the Banking and Payments Federation Ireland and supported by the banking sector.

Research carried out by Empathy Research on behalf of the Banking & Payments Federation Ireland, April 2017. The research was conducted online across a nationally representative sample of 1,013 adults.

About BPFI

Banking & Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland.  Representing over 70 domestic and international member institutions, we mobilise the sector’s collective resources and insights to deliver value and benefit to members, enabling them to build competitive sustainable businesses which support customers, the economy and society.

Delivering a range of services through our specialist team, BPFI also offers an Associate network through which we offer many of the benefits of membership to the leading professional service firms that provide related advisory and consultancy services.

Through the work of our Brussels and Frankfurt based offices, our active membership of the European Banking Federation and our well-established EU and international networks, we are well placed to represent Ireland’s banking and payments industry at an international level.