Bank of Ireland to invest €50 million in fraud prevention and protection

Bank of Ireland to invest €50 million in fraud prevention and protection

Investment includes technology, consumer awareness and customer support

Over 225 Bank of Ireland colleagues dedicated to fighting fraud and financial crime

77% of consumers want to talk to a human when impacted by fraud

Bank launches nationwide series of fraud awareness events for consumers

Bank of Ireland has announced an investment of €50 million on customer fraud prevention and protection. The investment includes €15million on new fraud prevention technology, along with a range of high-profile consumer awareness campaigns and support for customers who are targeted by fraudsters.

Bank of Ireland runs one of the most comprehensive consumer fraud awareness programmes in Ireland as a central part of its commitment to safeguarding the financial wellbeing of its customers. The majority of members of the public surveyed see Bank of Ireland as the financial institution most associated with educating the general public about fraud (Red C, Feb ‘24).  This latest investment enhances the Bank’s response to this important issue, and includes a nationwide series of free fraud awareness events for consumers.  Over the coming six weeks 12 meetings are planned, and details on further events will be published shortly.

Across Bank of Ireland 225 colleagues are now solely dedicated to fraud prevention and protection, the provision of 24/7 phone support to customers every day of the year, and the detection of financial crime.  Three in four consumers want to be able to speak directly with someone at their bank or financial service provider if they fall victim to fraud.

In the past 12 months, the vast majority of the population (90%, Red C, Feb ‘24) have experienced fraudulent communications via text, email or on the phone.  According to the Garda National Economic Crime Bureau, reports received by Gardaí from victims of fraudulent texts increased by over 30% in 2023.  Bank of Ireland’s fraud teams intercept or prevent the majority of fraud attempts, and this is a 24/7 job.  In the remaining cases, where a fraud has been successful, all efforts are made by the fraud team to recover funds for customers.

Myles O’Grady, Group CEO of Bank of Ireland commented: “The vast majority of us have received texts, emails, or calls from fraudsters. At first glance, these look like they come from trusted organisations like government departments, banks, the post office, or delivery companies. Some of them even pose as coming from family or colleagues, but whatever form they choose they all have one common aim – to steal your money. 

“Banks are on the front line in defending our customers, and wider society, from this threat. However more action is needed from all of us including telecoms companies, social media and tech firms, banks and fintechs, and State agencies. 

“I encourage everyone – regardless of whether they are a Bank of Ireland customer or not – to come to one of our fraud awareness events taking place over the coming months.”

“The investment we are announcing today helps equip our people with the latest resources to support and protect customers. It also ensures that if our customers are targeted by a fraudster they can talk to a real human – not a bot – 24 hours a day, 365 days of the year.”

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Our message is clear – Stop, Think, Check. If something sounds too good to be true, it is. Treat every unsolicited call, text or email as a potential fraud attempt. Be suspicious. Keep your guard up.

“Our teams are constantly monitoring for emerging threats. We see more and more fraud attacks starting from social media and tech platforms. Fake ads should be caught before they are published online, but many are not. If we see a fake ad, we report it to the channel operator, but even then some ads are removed very slowly and sometimes not at all.”

If people suspect they have been a victim of fraud they should contact their bank immediately so that the bank can take action to stop a fraud in progress and try to recover funds. Bank of Ireland customers can call our Fraud Team 24/7, on the Freephone line 1800 946 764.

For a full listing of all planned consumer fraud awareness events, and advice and information on how to stay safe from fraud, visit the Security Zone on the Bank of Ireland website.


Bank of Ireland developments to combat fraud:

Bank of Ireland takes a wide range of steps to protect our customers and the Bank from all types of fraud, including:

  • Resourcing a dedicated fraud team which works 24/7 to catch fraud attempts and alert and protect customers, and to attempt to retrieve customers’ money when a fraud attempt is successful;
  • Investing in a range of fraud services, tech systems, and upgrades to enhance consumer and business protection from fraud;
  • Running ongoing fraud-awareness campaigns directed at customers and the wider public, and support the sector in similar activity through our membership of the Banking and Payments Federation of Ireland (BPFI);
  • Maintaining very active working relationships with national and international police forces and inter-governmental agencies to track emerging threats and help trace criminals; and,
  • Assessing where national policy initiatives may be brought forward to further bolster Ireland’s resilience against fraud, for example the development of a National Financial Crime Strategy and a Shared Fraud Database.

Practical steps that we have taken to protecting customers include:

  • Offering the Bank of Ireland TextChecker Service – this allows customers to check directly with Bank of Ireland if a text is genuine, which the Bank will confirm within 60 seconds
  • New payee limits on daily transfers – when customers add a new payee there is a period of up to 48 hours where the limit that can be transferred is €1,000. This lower temporary limit is in place to protect customers from fraud when new payees are being set up.
  • In-app Card Control features
  • Two-factor authentication



Research into awareness and incidence of financial fraud among a nationally representative sample of the population was conducted by Red C in its RED Line Online Omnibus from 5th to 8th February 2024.

Fraud Awareness Events:

The following consumer fraud awareness events are planned, and further dates and locations will be announced shortly:

County Branch Date Time
Dublin Tallaght Feb 27th 8.30am
Kildare Naas Feb 27th 8.30am
Dublin Newlands Cross Feb 28th 8.30am
Kildare Newbridge Feb 28th 8.30am
Cork Mallow March 5th 8.30am
Cork Charleville March 5th 5.30pm
Cork Midleton March 7th 8.30am
Cork Clonakilty March 7th 5.30pm
Kildare Maynooth March 12th 8.30am
Dublin Walkinstown March 12th 8.30am
Galway Loughrea April 10th 8.30am