Leading bank issues warning to Mayo public over fraudsters

Bank of Ireland has issued a warning to the Mayo public to be extra vigilant for fraud as the mass movement of bank accounts accelerates with Ulster Bank exiting the market.

Consumers should expect an increase in scam calls, texts and emails as fraudsters commonly take advantage of periods of change to target customers.

Hundreds of thousands of current account customers will move their accounts in the coming months, along with changing direct debits and standing order payments to utilities and other companies.

So far this year, Bank of Ireland has opened double the number of personal current accounts compared to the same period last year.

Activity will accelerate more through 2022 and fraudsters will try to capitalise on this period of unprecedented change.

Consumers should independently verify messages or calls asking for personal information or account details or containing warnings around the cancellation of important payments.

Fraudsters will try to introduce a sense of urgency to persuade consumers to give away their banking details.

Edel McDermott, Head of Group Fraud, Bank of Ireland, said: “We know that periods of major change or uncertainty create ideal conditions for fraudsters to operate.

"The rise in fraud recorded during Covid 19 and Brexit demonstrates this.

"The number of ‘phishing’ websites detected by our Fraud Prevention Team doubled in one month alone in 2021 and, at its peak, we saw 70 new fraudulent sites appearing per day.

“The current mass movement of customers between banks creates ideal conditions for criminals.

"As customers make arrangements to move their bank accounts and make changes to their direct debits and standing orders, they will be expecting communications from a whole range of providers.

"Protecting our customers against fraud at all times is a top priority. Particularly at this time, we ask customers to take extra care around the security of their personal information and their accounts."