Bank of Ireland is to invest €50m on customer fraud prevention and protection, including €15m on new fraud prevention technology as well as a range of consumer awareness campaigns and support for customers who are targeted by fraudsters.
Recent research shows that over the past year, 90% of the population have experienced fraudulent communications via text, email or on the phone.
According to the Garda National Economic Crime Bureau, reports received by Gardaí from victims of fraudulent texts increased by over 30% in 2023.
Bank of Ireland said its fraud teams intercept or prevent the majority of fraud attempts - 24 hours a day, seven days a week.
The bank said that in the remaining cases, where a fraud has been successful, all efforts are made by the fraud team to recover funds for customers.
According to a recent Red C poll, the majority of members of the public surveyed see Bank of Ireland as the financial institution most associated with educating the general public about fraud
"This latest investment enhances the bank's response to this important issue, and includes a nationwide series of free fraud awareness events for consumers," the bank said.
225 Bank of Ireland workers are now solely dedicated to fraud prevention and protection, the provision of 24/7 phone support to customers every day of the year, and the detection of financial crime.
It noted that three in four consumers want to be able to speak directly with someone at their bank or financial service provider if they fall victim to fraud.
Myles O'Grady, Group CEO of Bank of Ireland, said that the vast majority of us have received texts, emails, or calls from fraudsters.
"At first glance, these look like they come from trusted organisations like government departments, banks, the post office, or delivery companies. Some of them even pose as coming from family or colleagues, but whatever form they choose they all have one common aim - to steal your money," Mr O'Grady said.
"Banks are on the front line in defending our customers, and wider society, from this threat. However more action is needed from all of us including telecoms companies, social media and tech firms, banks and fintechs, and State agencies," he said.
The bank CEO said the investment announced today helps equip Bank of Ireland staff with the latest resources to support and protect customers.
"It also ensures that if our customers are targeted by a fraudster they can talk to a real human - not a bot - 24 hours a day, 365 days of the year," he added.
Nicola Sadlier, Head of Fraud, Bank of Ireland, said the bank's message is clear - Stop, Think, Check.
"If something sounds too good to be true, it is. Treat every unsolicited call, text or email as a potential fraud attempt. Be suspicious. Keep your guard up," she advised.
If people suspect they have been a victim of fraud they should contact their bank immediately so that the bank can take action to stop a fraud in progress and try to recover funds.
Bank of Ireland customers can call the Fraud Team 24/7, on the Freephone line 1800 946 764.
