Holidaymakers urged to watch out for fraudsters' 'unbelievable' getaway deals 

Holidaymakers urged to watch out for fraudsters' 'unbelievable' getaway deals 

Fraud Picture: Fraud 2m) To Gross (€35 For Losses According Fraudulent Of Card Transactions Of 36% 95% Fraudsmart, And Tim 2023 Accounted In Goode/pa Wire

Holidaymakers are being urged to watch out for "unbelievable" getaway deals which are the brainchild of fraudsters using "complex and deceptive" methods.

It comes as it emerged almost €100m (€98.6m) was stolen through frauds and scams in 2023, an increase of over 16% on 2022.

According to FraudSMART, card fraud accounted for 95% of fraudulent transactions and 36% (€35.2m) of gross fraud losses in 2023.

The Payment Fraud Report also noted that other types of fraud had lower volumes but higher average losses.

For example, unauthorised electronic transfers accounted for only 3% of the volume but 34% (€33.8m) of losses.

This type of fraud occurs when someone makes a payment through mobile or online banking, without the account holder’s authorisation or permission.

This is often referred to as an ‘account takeover’ and usually results from the loss or theft of sensitive payment data such as a victim’s account number or pin.

APP fraud

Elsewhere, the report shows that consumers and businesses were scammed out of €18.1m through authorised push payment (APP fraud).

APP fraud occurs when a fraudster tricks a consumer into sending money directly to an account controlled by the criminal, for example through an investment or romance scam.

While APP fraud makes up just 1% of fraudulent transactions and 18% of losses, it represents a significant increase compared to 2022 in both volume and value — 42.5% and 82.2% respectively.

In 2023, card usage by consumers and businesses rose by 28.8% in debit and credit card payments. However, in contrast, fraudulent card payments also increased by 8.2%.

Banking & Payments Federation Ireland (BPFI), head of financial crime, Niamh Davenport is urging holidaymakers especially to be alert this summer.

“We can all be at risk of being enticed by ‘unbelievable’ holiday deals and letting down our guard when out of our regular routines and environments.

“But while it is important to recognise that cards remain one of the safest forms of payment, fraudsters are increasingly targeting consumers using complex and deceptive methods.” 

She encouraged consumers to “watch out for copycat websites” offering holiday accommodation and packages which “closely mimic” a legitimate site or well-known company brand.

She said they may have subtle differences in the website name and often have spelling errors.

“These sites aim to steal your card details and personal information for fraudulent activities.” 

“If you think you have fallen victim to fraud report it to your bank and the Gardaí immediately,” she concluded.

More in this section

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Limited Echo Group Examiner