Central Bank report finds payment fraud increases by 27% to reach €179 million in 2025

The Central Bank of Ireland today published its annual Payment Fraud Statistics, which shows the total value of fraudulent payments reported by Irish resident payment service providers increased by around 27% to over €179 million in 2025. 

The publication shows in 2025:

•    The total fraudulent payment value stood at €179.04 million (up 27.2 per cent from €140.80 million in 2024)

•    Fraud affects approximately 1 in 10,000 payment transactions.

•    While the number of fraud transactions rose only marginally, there was a significant increase in overall fraudulent payment value.

•    Authorised push payment fraud (also known as ‘manipulation of the payer fraud’) – where fraudsters gain trust by using social engineering to deceive consumers into authorising payments—now accounts for 45 per cent of total fraud by value (€74.86 million), up from its share of 35.2 per cent in 2024. This fraud type is particularly prevalent in credit transfers, representing 67.2 per cent of all credit transfer fraud, up from 45.6 per cent in 2024.

•    The average value of fraudulent payments varies according to the payment methods used. Despite a lower fraud rate, cheques recorded the highest average fraud value at €9,741. Credit transfers recorded the second-highest average fraud value at €2,412 in 2025. Payments made using E-money institutions ranked third with a notable spike from €692 in 2024 to €1,427 in 2025.

•    Cross-border payments (payments sent to accounts located outside of Ireland) dominate payment fraud and accounted for 69.8 per cent of the total fraudulent payment value, amounting to €124.89 million. This marks an increase of 6.3 percentage points from 2024.

Deputy Governor for Consumer and Investor Protection Colm Kincaid said: “Financial frauds and scams continue to be a key area of concern for the Central Bank of Ireland, as it is for regulators and law enforcement agencies all over the world. As we see criminals become ever more sophisticated in their approach, all actors in the system from financial firms to technology companies need to continue to improve their systems and controls to reduce the likelihood of these frauds occurring.

“And, where fraud does occur, firms need to provide appropriate and timely support to affected consumers.

The Central Bank has work underway with the firms we regulate to improve customer service for fraud cases.

“Consumers can make it harder for the criminals by being cautious online and there is information on the Central Bank’s website to assist in this.

“I also encourage anyone who falls victim to fraud to contact their financial service provider immediately.

“We know from our research published earlier this year that 38% of fraud victims never report their experience to their financial service provider or any authority.

“Fraud victims who report their experience are more likely to recover their money.

“By taking these steps and reporting fraud promptly, you protect yourself and help your financial service provider identify fraud patterns to protect other consumers.”