Bank of Ireland has voiced concern that Ireland is behind other English-speaking countries in the absence of a system for filtering scam SMS messages, leaving consumers vulnerable to fraudsters. The bank has proposed a four-point strategy aimed at combating investment fraud, which has spiked by 76% this year, as per its estimates.
Bank of Ireland has highlighted the need for a nationally coordinated crime strategy to safeguard consumers more effectively. The bank has urged the Irish government to enact legislation for implementing an SMS scam filter in the country. It acknowledged that the Communications Regulator (ComReg) had flagged the state’s lag compared to other nations, including some European Union members, which employ a filter to detect scam texts targeting mobile phones. To introduce this filter, legislative light needs to be green-signalled by the Communications Department on a priority basis, as per the bank’s suggestions.
Bank of Ireland also proposed changes to local and EU laws, enabling only the ads for financial services and products from firms overseen by a reputable national body, like the Central Bank of Ireland, to be displayed on online platforms. The bank is also pushing for a national database on frauds, which can be shared among banks and payment and utility companies, with details of fraudulent actions and relevant details. This could expedience the prevention of customer losses.
Paul O’Brien from the Bank of Ireland’s Security Group pointed out a 76 per cent increase in attempted investment fraud in the first half of 2024. According to him, Ireland, presumably due to distinct reasons, has been a choice target for fraudsters. This demands faster policy measures to check the rise in fraud. Countries across Europe and the globe are resorting to stringent actions to arrest criminal activities and consumer protection, and Ireland must follow suit, he highlighted. Bank of Ireland has now shared its proposals to the Oireachtas Finance Committee.