Scammers steal €22.5m from Irish victims as account takeover fraud rises 552%
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Account takeover fraud rose by 552% in 2021, with scammers stealing more than €22.5m, according to new figures.
Account takeover fraud relates to 'phishing', 'smishing' and 'vishing' scams in which criminals pose as a bank, service provider, delivery company or government agency in a bid to gain access to the victim's bank account or smart device.
'Phishing' relates to the sending of fraudulent emails, where the recipient is tricked into installing harmful software such as malware, or into handing over sensitive information like a password or PIN number, banking information, PPS, or Eircode number via a cloned website.
'Smishing' is the text message equivalent of phishing. The phoney messages will usually ask the victim to open a hyperlink in order to “verify” or “reactivate” one of their online accounts, usually their online banking, Revenue, or streaming service account.
In other instances, scammers send messages made to look like notifications from delivery companies. Again, clicking the link will either bring the person to a fake website where they are urged to provide personal information, or to install what appears to be legitimate software but is actually malware.
Lastly, 'vishing' relates to scams operated via phone calls. Some scams have been known to encompass more than one of these methods.
Using specialised software, fraudsters are often able to make it appear as though their texts, emails or calls are coming from legitimate addresses or phone numbers.
More than 3,500 incidents of account takeover fraud were reported to gardaí last year. In 2020, just 544 were reported.
Some 77% of those targeted were are aged 20-50. Just over half (52%) were female.
The figures were released as part of the Garda National Economic Crime Bureau (GNECB's) Fraud Awareness Week this week.
The GNECB has urged the public to be wary of any unsolicited phone calls, emails, and texts and not to click on any links.
"Practically everyone in the country has got a text that looks like it’s from a reliable source and yet it’s not – anyone can be a victim, regardless of age or where they live," said GNECB Detective Inspector Mel Smyth.
"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.
Det Insp Smyth said text messages or emails containing hyperlinks or instructions to download any apps or software should be always be ignored.
"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," he said.