Category: Central Bank of Ireland

Source: Central Bank of Ireland

29 April 2026 Warning Notice

Warning	Unauthorised Banking Business, Investment Firm, Investment Business Firm
Unauthorised Firm Name	Raisin Bank AG (Clone)
Website	N/A
Email address used	[email protected]
Phone number used	0441618062323
Authorisation in Ireland	Raisin Bank AG (Clone) is not authorised to provide Banking business, Investment services or Investment Business services in Ireland.
Additional information	This Unauthorised Firm has cloned the name and details of a Central Bank authorised firm and has been seeking to pass itself off as the legitimate firm, Raisin Bank AG, in order to deceive consumers. It should be noted that there is no connection between the Central Bank authorised firm and the Unauthorised Firm.

Notes:

1. Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.
2. For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams
3. The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Source: Central Bank of Ireland

29 April 2026 Speech

Safeguarding Financial Integrity – Central Bank of Ireland’s Approach to Financial Crime Prevention

Thank you for the invitation to speak at today’s event. This is an important opportunity for us to engage and share our experiences and approaches to deal with the global challenges and issues we are facing in financial crime.

Change, instability, flux, unpredictability – all words that I guarantee you will hear on multiple occasions throughout the day’s events. I will not be any different. We are living in a world where things are changing on a minute by minute basis, with uncertainty being the only thing we can be sure of.  When we look back on this period in the history books, this decade will be characterised as a period of extraordinary change, climate transition, geopolitical tensions, rapid technological transformation and shifting economic conditions. 

This instability brings increased risk for those of us working to combat financial crime. A paper published by the World Economic Forum in March¹ notes that the shifts in the rules of the global economy are creating opportunities for criminals. Technological transformation is enabling the use of tools that were never meant to support financial crime, facilitating faster, more efficient ways to deceive and break through regulatory controls and systems causing significant harm to the system and to consumers.

So, as a risk based regulator, and a horizontal supervisor, our approach is not to focus on whether change will come, but the nature, degree and speed of that change and how we respond collectively. Resilience, adaptability and trustworthiness are the qualities that must define that response.

It is in this context that the Central Bank published its annual Regulatory and Supervisory Outlook Report. The report is one-part horizon scan, one-part an outline of the work we are undertaking to deliver on our mandate, and one-part what we expect firms to do in managing or guarding against these risks in the interest of their customers and the wider financial system.

Specifically, we have set out our views using three core themes. The first theme is “Macroeconomic and Geopolitical Drivers”, where among other things, we are talking about how rapid digitalisation is leading to new capabilities and benefits for consumers with easy and fast access to financial services, but it is also leading to an increase in the risk of fraud and financial crime.

The second theme is “How Firms Respond to Change”, which includes how firms manage operational resilience, including the growing incidence and sophistication of cyberattacks, the risks associated with ever increasing digitalisation and a growing volume and variety of data used by businesses.

The third theme is “Longer-Term Structural Forces”, which includes our view of financial crime risks, which we deem as significant to severe. This captures a number of elements, including insider dealing, the provision of unauthorised financial services, terrorist financing, money laundering and fraud and scams, which I’ll return to in a moment.

I would encourage anybody here who has not yet read the Regulatory and Supervisory Outlook Report to do so. It gives a clear sense of our regulatory and supervisory priorities, the priority risks we believe firms need to focus on, and our expectations in relation to them.

Financial Crime Risks

In relation to the Central Bank’s views and expectations on financial crime specifically, we regulate and supervise the financial system to identify financial crime risks and ensure that firms take necessary and appropriate action to mitigate those risks. This incorporates the risks of money laundering, terrorist financing, financial sanctions evasion, fraud and market abuse. By doing this we work to achieve one of our four identified safeguarding outcomes – the integrity of the financial system.

We sometimes refer to the “plumbing” of the financial system. Financial crime is like acid gushing through the pipes – deeply corrosive, dangerous and, at volume, capable of doing immense damage. There is the direct impact on the victims of this crime – and a wider, cumulative impact on trust in the system.

The speed of this impact is increasingly supported by technology. As Europol notes, “emerging technologies, such as artificial intelligence, accelerate crime and provide criminal networks with entirely new capabilities. These innovations expand the speed, scale, and sophistication of organised crime, creating an even more complex and rapidly evolving threat landscape…”.²

Ireland’s latest National Risk Assessment, which is nearing completion, will also give us a comprehensive overview of the current nature and scale of the money laundering and terrorist financing threat.

We know that responding to these risks is a collective task – at global, European and national level. It is a systemic challenge that requires a coordinated and agile response from law enforcement, regulators, financial institutions and technology companies. For our part in the Central Bank, we are addressing these challenges in an integrated, holistic way, through our integrated approach to supervision.

We also continue to work and coordinate efforts with peer supervisors and international authorities and groups. We form part of, and help to shape, the national and international AML frameworks – including, at European level, through AMLA.

Delivering our mandate to combat financial crime

I’ll now touch upon our work in two of those areas specifically – anti-money laundering and combatting fraud.

Money Laundering & Terrorist Financing

The Irish financial sector is large and diverse. We implement a risk-based approach to supervising money laundering and terrorist financing risks, with the level of supervisory engagement based on the risk profile of individual firms and sectors.

Unsurprisingly, the banking, payments and e-money sectors remain a priority focus for supervision, given they are inherently high risk from a money laundering/terrorist financing (ML/TF) perspective. We will also continue to closely supervise the investment fund sector given the nature and size of this industry in Ireland.

The banking sector’s AML/CFT frameworks are generally mature and well embedded due to the efforts made over the past decade. Given the important role banks play in combatting “dirty money” entering the financial system, they need to be particularly vigilant and responsive to criminals exploiting new technologies and practices to abuse the system, and firms within it.

Improvement is also needed by firms in ensuring that that AML/CFT frameworks keep pace with changes, and that they continue to be relevant for the risks faced, particularly with the emergence of new digital banking business models.

Boards and senior management in banks must be able to demonstrate an understanding of their key money laundering and terrorist financing risks and maintain risk management and control frameworks in line with national and European requirements, including those of AMLA.

In the payment and e-money sector, while some firms have taken positive steps to strengthen their AML/CFT risk management and control frameworks, much deeper work is required across the sector in this area. Firms’ governance arrangements, systems and controls, including reporting mechanisms, need to be effective and proportionate to the nature, scale and complexity of their business, and the risks to which they are exposed.

A key concern is these firms’ inadequate understanding of ML/TF risks and the need for adequate mitigating measures commensurate with the risks. This is particularly true of newer, emerging firms.

For the investment fund sector, financial crime continues to require attention. Funds can be exploited for money laundering and terrorist financing, with the funds sector in Ireland being the subject of international scrutiny from an AML/CFT perspective given its size and reach. It is a key area of focus for the Central Bank and in 2026 we will be undertaking a thematic review of suspicious transaction report (STR) reporting in the sector. Inadequate monitoring of these risks exposes the sector to potential abuse, including breaches of financial sanctions.

In the area of crypto, the opaque and rapidly evolving nature of the market structures in the crypto-asset sector can make detection and tracing of the ML/TF activities particularly challenging. We expect firms to maintain effective AML and fraud-prevention controls to mitigate financial crime risks, and this will be a key element of our supervisory focus in 2026.

Among our supervisory tools, we will use targeted inspections to assess whether firms are meeting their obligations and legal requirements. We will also be assessing how firms understand their ML/TF exposures, and whether their control frameworks are proportionate to those risks.

Across all key sectors, our enhanced Risk Evaluation Questionnaire (REQ) will be a critical tool in identifying firm-level, sectoral and cross-sectoral risk. These will capture detailed quantitative and qualitative information on ML/TF risks and on the quality of firms’ controls.

This data will help us identify emerging threats, guide our supervisory strategy, and support the work of AMLA.

We will continue to roll out the REQ to all sectors over the course of the year.

Fraud & Scams

Fraud and scams is the element of financial crime that is the most visible to all of us as consumers and users of financial services. Its near constant presence is highlighted in the OECD Consumer Finance Risk Monitor 2026³ which notes 85% of jurisdictions now report that financial scams and frauds are a top risk facing consumers. In Ireland total payment fraud reached €160m in 2024, with losses as a result reaching €66m.⁴

New research published by the Central Bank finds that of 3000 people surveyed, more than one in three respondents reported experiencing fraud, and almost two thirds of those who experienced fraud lost money as a result. The research shows that we must work faster and harder to combat fraud – based on a whole of system approach to improve public awareness and education, while also strengthening digital and financial system safeguards.

We know that combatting frauds and scams, and the negative impact on consumers, requires collaboration between financial services firms, technology companies, regulators and law enforcement. For our part the Central Bank has identified financial crime as one of our three areas of focus for consumer and investor protection.⁵ We expect this should also be a priority for all firms and agencies involved with financial services.

Our new Consumer Protection Code includes explicit requirements on firms to take steps to protect consumers against frauds and scams and that where they occur, consumers are supported. We are continuing our work to identify unauthorised providers of financial services, and to use our Trusted Flagger status to require the removal of criminal content online. We will also continue our work to raise consumer and investors’ awareness of how to protect themselves against frauds and scams through ongoing awareness campaigns.

In the area of supervision, we are undertaking a major cross-sectoral thematic review, focused on fraud controls in a number of sectors.

As part of this review, we will also be examining firms’ treatment of customers who fall victim to fraud – and we reiterate that firms must meet their liability obligations when customers fall victim to fraud.

Across all areas of financial crime, we expect firms to:

• Understand your risks;
• Invest in and enhance controls;
• Report suspicious activity promptly and effectively;
• Treat fraud victims fairly; and
• Embrace technology with care, managing the risks to consumers and investors. 

Conclusion

What I have discussed today is a high level overview of the risks and challenges that we are dealing with in combatting financial crime. At the Central Bank, we will continue to implement our risk-based model of supervision, focusing on the highest risk sectors and seeking to ensure that firms are evolving their risk management frameworks to keep pace with emerging threats and mitigating the impact on their customers.

Understanding the need for a collective approach we will also continue to prioritise our engagement with international agencies, domestic organisations, regulated firms and the wider industry to understand emerging trends and risks and work together to raise standards.

And finally we will continue to be proactive in communicating our expectations to the firms we regulate recognising the first principle that regulated firms are responsible for identifying the financial crime to which they are exposed – and taking appropriate measures to mitigate those risks for the benefit of their customers.

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Source: Central Bank of Ireland

28 April 2026 Speech

Good morning.

Brendan, thank you for the warm introduction.

It is a pleasure to join you at the ILCU Internal Audit Services Conference. I also want to thank Barry Harrington for the invitation to address you here today.¹

When I addressed the ILCU Annual Conference last April, I spoke about a time of transformative change for credit unions, a period that would bring both significant opportunities and important challenges.²

One year on, we can see that transformation taking shape. A revised and simplified lending framework is now in effect providing credit unions with expanded capacity to serve members. Assets and lending continue to grow. Reserves remain strong. The sector is consolidating and evolving, with positive momentum evident across several key metrics.

Yet the risks that were highlighted then have not gone away. In fact, in some areas, particularly the external macro-environment and operational resilience, they have intensified.  Peter Drucker once observed that “the greatest danger in times of turbulence is not the turbulence, it is to act with yesterday’s logic”. That is why today I want to focus on the theme of vigilance and resilience, how we protect and enhance the progress that has been made and fulfil the Bank’s vision of “strong credit unions in safe hands”.

But before I outline what I want to cover today, let me say something about how we approach our work with the credit union sector. The Central Bank is committed to being open and engaged with those we regulate and supervise. This approach supports us in our work and to effectively deliver outcomes-focused regulation and supervision.³ Earlier this year, the Registry of Credit Unions published a Credit Union Engagement Charter, setting out the principles that guide our interactions with the sector.⁴ Our commitment remains clear: our engagement will be open, robust, constructive, and transparent. In this engagement, the Bank will focus on the most material risks, recognising that our shared objective is strong credit unions serving members effectively over the long term.

My remarks today will address three areas:

First, the risk environment – the uncertainties and transformations facing the financial system, what they mean for credit unions, and our supervisory priorities as shaped by these emerging risks.

Second, sustainable growth – balancing ambition with prudence, exploring collaborative models, and continuing our simplification efforts.

And third, operational resilience — particularly the findings from our IT Thematic Review and the actions required.

Risk Environment

As we gather today, it is important to place our discussion within the broader risk environment facing the Irish financial system. The Central Bank’s most recent Financial Stability Review5, Q1 2026 Quarterly Bulletin⁶ and the Regulatory & Supervisory Outlook 2026⁷ paint a consistent picture.

The global backdrop remains one of heightened uncertainty. Geoeconomic fragmentation, geopolitical tensions and stretched valuations in some financial markets continue to pose risks. Domestically, the Quarterly Bulletin notes that a renewed surge in international energy prices is testing economic resilience, with inflation projections revised higher for 2026 and modified domestic demand growth expected to moderate. Operational and cyber risks are assessed as remaining very high, while risks related to data, models and artificial intelligence have increased. Asset valuation and market risks have also risen relative to last year.

This rapidly evolving environment is further shaped by accelerated technological change, including the increasing use of artificial intelligence. Developments in instant payments, tokenisation and the ongoing preparations for the Digital Euro form part of the technology-driven transformations highlighted in the Outlook. A Digital Euro would aim to complement existing payment options and cash, providing greater choice while preserving the stabilising role of public money and maintaining trust in the financial system. The Savings and Investments Union initiative is also seeking to better channel savings into productive investments across Europe, an endeavour which will require the sustained efforts of multiple stakeholders⁸, and that includes a role for credit unions. For the sector, these wide-ranging changes underscore the importance of forward-looking strategic planning and robust operational resilience.

While the overall financial system, including credit unions, has demonstrated resilience through recent turbulence, there is no room for complacency. Risks that once seemed remote are now more probable, and the pace of technological and geopolitical change demands sustained vigilance.

Supervisory Priorities

Against this setting, the Regulatory & Supervisory Outlook 2026 sets out five supervisory overarching priorities for the Central Bank:

Priority 1: Maintaining and building resilience to geopolitical risks and macro-financial uncertainties involving work on operational resilience, cyber security and financial resilience in the face of a volatile macro-environment and how firms are embedding climate and environmental factors into risk management, business models and governance.

Priority 2: Securing consumer and investor interests in a rapidly changing world with a particular focus on a) how firms operate and the customer experience, b) digitalisation, including balancing the benefits of innovation with risks of harm to consumers, and c) financial crime, with rising risks to consumers from frauds and scams.

Priority 3: Responding to technology-driven transformations with a focus on the expanding use of AI, digital money and tokenisation, including our regulation and supervision of the use of these technologies and innovations, and the implications of these changes for firms and the financial system.

Priority 4: Helping to address the environmental and societal transitions underway. Given the impact of these longer-term structural transitions, we will continue to work in partnership with other stakeholders to help address them. This includes work on protection gaps, retail investment participation, the evolving payments landscape and sustainable finance.

Priority 5: Enhancing how we regulate and supervise with a continued focus on evolving our supervisory approach to ensure its continuing effectiveness, improvements to gatekeeping and the roadmap for delivering on simplification as set out in our recent “Regulating and Supervising Well” publication.⁹

A central theme that runs throughout these five priorities is transformation and change, with a need for all participants in the financial ecosystem to adapt to the risks and impact of this change. For the credit union sector specifically, the Outlook highlights that recent legislative and regulatory changes are facilitating growth and diversification. This growth must be matched by a corresponding maturation in operational, organisational and risk management capabilities. Supervisory focus in 2026 will therefore centre on financial resilience (including reserves and liquidity), the development of a coordinated approach to sustainable growth, managing operational risk and continued strengthening of governance and culture within credit unions.

Continued Growth and Resilience

Looking at the sector today, Irish credit unions continue to maintain financial resilience while playing an important role in the provision of financial services. With close to 3.6 million reported members and total assets of approximately €22.5 billion at the end of September 2025, credit unions remain deeply embedded in communities across the island.

The latest Financial Conditions of Credit Unions Report¹⁰ shows positive indicators: assets grew by 5%, member savings rose by 5% to €18.7 billion, and gross loans outstanding increased by 8% to €7.7 billion. Mortgage lending continues to expand, with the house loan book now approaching €900 million, and new lending issued during the year reached €3.3 billion. Arrears levels remain low and capital reserves are robust, with average realised reserves at 16.8%, well above the regulatory minimum.

These outcomes are encouraging. They reflect a stable sector that is responding to member needs for affordable home finance, support for small businesses and everyday lending. At the same time, it is important to recognise that this resilience is not static and challenges remain; for example, a central purpose for a credit union is to provide credit to its members. A sectoral loan-to-asset ratio of 34% shows a sustained imbalance between the savings accepted and loans provided. This metric highlights the importance of ongoing focus on strategic planning and business model sustainability.

Robust Resilience Through Strong Regulation and Supervision

The credit union sector’s resilience today did not come about by chance; it reflects prudent, deliberate choices, and sustained effort. This strength has been built upon three mutually reinforcing pillars:

• A robust and prudent regulatory framework, which alongside the maturity of the sector has become more proportionate, more enabling, and more focused on outcomes, creating space for credit unions to grow while maintaining appropriate safeguards;
• A supervisory approach that is risk-based, forward-looking, and increasingly integrated that identifies issues early and drives remediation; and
• The commitment of credit union boards, management, and staff, including internal audit personnel, to improving standards of governance and risk management.

Taken together, these elements have supported the sector’s development to date. In the current environment, it is important that this balance is maintained. While the Bank is supportive of efforts to reduce unnecessary costs and complexity within regulation and supervision, streamlining where appropriate, such changes must not come at the expense of the resilience and protections that underpin member trust.¹⁰

Balancing Growth Ambition with Prudent Standards

Many credit unions rightly seek to grow their lending and broaden services to members. That ambition aligns with the sector’s purpose, but it must be pursued prudently and sustainably.

The expanded lending framework is enabling, not a green light for unchecked volume growth. Boards and management must ensure that growth in mortgages or business lending is underpinned by robust credit assessment, thorough affordability analysis, sound risk pricing and appropriate limits on concentrations. Growth that outpaces risk management capability would undermine the trust that is the sector’s greatest asset.

Internal audit plays an essential role by independently testing whether a credit union’s lending frameworks are operating effectively, whether exceptions are properly controlled, and whether emerging risks are identified and escalated promptly. This scrutiny helps ensure that expansion serves members over the long term rather than exposing their savings to unnecessary risk.

Collaboration Through CUSOs and Corporate Structures

One area of particular interest in supporting sustainable growth is greater collaboration across the sector through credit union service organisations (CUSOs) and, in time, corporate credit unions.

The Bank has noted with interest recent initiatives, including the establishment of a CUSO aimed at developing centralised treasury functions, improving asset and liability management, and enabling greater scale in mortgage and business lending. Such collaborative structures have the potential to deliver real benefits with enhanced efficiency, better risk diversification, access to specialised expertise, and stronger support for member services while preserving the local, community-focused nature of individual credit unions.

However, as with any expansion or new arrangement, these developments must be approached with the same rigour and prudence that has underpinned the sector’s resilience to date. Effective governance, clear risk appetite frameworks, robust oversight of shared services, and careful management of inter-dependencies will be essential.

The Central Bank will progress the development of an appropriate regulatory framework for shared service organisations during 2026, alongside the advancement of policy work on corporate credit unions. We look forward to continued engagement with the sector on these important initiatives.

Simplification and Enablement

As I mentioned earlier, the Bank is also delivering tangible simplification for the sector. Last year’s review of the Credit Union Lending Framework has enabled safe growth in house and business lending, with a simplified approach that included the removal of tiered limits, while maintaining appropriate guardrails. For 2026, we will continue to update the Credit Union Handbook and related guidance to maintain clarity and streamline processes so that they are consistent with evolving prudential expectations, reflecting a tailored and proportionate approach to regulation and supervision of credit unions.

This work, set out in our December 2025 roadmap for a more effective and efficient regulatory framework, continues our proportionate and tailored approach. It sits alongside our ongoing work to extend the full Consumer Protection Code to all regulated activities of credit unions so that members are afforded the same level of protection as all other financial service consumers.

IT and Operational Resilience – Implementing the Lessons from the Thematic Review

Operational resilience remains a priority area, particularly given the high level of operational and cyber risks highlighted in the 2026 Regulatory & Supervisory Outlook.

In 2025, the Bank completed an IT Thematic Review of IT Risk Management across the credit union sector. This review assessed IT risk management, internal controls and governance. Communications were issued to all credit unions with details of the Thematic’s findings and expected follow-up actions.

These findings, and the Bank’s focus on Operational Risk, will also not come as a surprise to today’s attendees. The Institute of Internal Auditors, which represents 260,000 professionals worldwide, published its ‘2026: Risk in Focus’ survey results that identified business resilience, digital disruption and AI as the three key risks faced by organisations worldwide.

Credit unions are expected to address the relevant identified gaps and demonstrate effective remediation by early 2027. The findings align closely with some of the requirements of the Digital Operational Resilience Act (DORA), which will apply to credit unions from January 2028. Early remediation will form part of the necessary preparations for a credit union before DORA takes effect.

Boards hold ultimate responsibility for IT risk and resilience. Senior management must drive the necessary investment in people, processes and technology. Improved operational resilience will be an ongoing journey. The Bank will continue to engage constructively with the sector on this journey. The quality and pace of remediation of issues identified in the IT Risk Thematic will be a key focus of our supervisory engagement in 2026 and beyond.

Other Areas of Focus

Our supervisory area of focus for credit unions in 2026 remain aligned with the broader Outlook: prudent implementation of the expanded lending framework, effective asset and liability management (particularly as loan books lengthen), robust governance including succession planning, and overall financial and operational resilience. More broadly, the Bank will also continue to advance its work on policy formulation and providing support to the on-going voluntary restructuring within the sector.

Today’s conference agenda touches upon and directly supports a number of these priorities, and I encourage you to draw practical, actionable insights from your discussions, and to consider how those insights can strengthen assurance work back in your own credit unions.

Conclusion – Shared Commitment to Enduring Resilience

The credit union model, member-owned, community-rooted and not-for-profit, has enduring strengths. Those strengths are best protected when regulation, supervision and internal governance work together towards safe, stable and well-managed entities that serve members effectively.

It is imperative to guard against any temptation towards complacency. The resilience the sector enjoys today is the direct result of a stronger regulatory regime, an enhanced supervisory approach and the improving efforts of credit unions themselves. Maintaining that resilience requires ongoing vigilance, disciplined risk management and an unwavering focus on member outcomes.

Regulation and supervision are not barriers to progress; they are the foundation that sustains public confidence and allows the sector to thrive over the long term. Our shared objective is clear: credit unions that are resilient, well-governed and positioned to meet the needs of members and communities for many years to come.

Lastly, to everyone working in internal audit, risk and compliance roles – the Central Bank acknowledges the demanding but vital work you undertake. Effective operation of these functions provides the independent assurance and challenge that supports boards and management in protecting member funds and ensuring the sector remains safe, stable and focused on its members.

Thank you for your attention. I wish you a productive and insightful conference.

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[1] Many thanks to Marcus Sweeney and Eamon Clarke for their help preparing these remarks, and to Cian O’Laoide for his helpful comments.

[2] A time of transformative change – opportunity and challenge for credit unions – Remarks by Director of Banking and Payments Domhnall Cullinan at ILCU Annual Conference April 2025

[3] Regulating with purpose – outcomes-focused regulation and supervision, a practitioner’s perspective – Remarks by Deputy Governor McMunn at Outcomes-focused Regulation in Financial Services conference, University College Dublin (UCD) March 2026

[4] Central Bank of Ireland Registry of Credit Unions Credit Union Engagement Charter (PDF 366.06KB) January 2026

[5] Central Bank of Ireland Financial Stability Review 2025 II

[6] Central Bank of Ireland Quarterly Bulletin Q1 of 2026

[7] Central Bank of Ireland Regulatory and Supervisory Outlook 2026 (PDF 1.85MB) February 2026

[8] Opening Remarks by Governor Gabriel Makhlouf for the Savings and Investment Forum March 2026

[9] Central Bank of Ireland Regulating & Supervising well – a more effective and efficient framework (PDF 440.55KB) December 2025

[10] Central Bank of Ireland Financial Conditions of Credit Unions, 2025 (PDF 871.18KB) April 2026

[11] Through the cycle – regulation and supervision in an uncertain world – Remarks by Deputy Governor Mary-Elizabeth McMunn to Compliance Institute Annual Conference October 2025

Source: Central Bank of Ireland

28 April 2026 Press Release

• More than one in three Irish adults (35%) have experienced fraud or scams.
• 38% of fraud victims never reported their experience to their financial service provider or any authority.
• Research identified risky online behaviours as the single strongest predictor of fraud experience—more influential than age, income, or education level.
• Fraud victims are far more likely to recover monies when the fraud is reported.
• Fraud literacy reduces predicted fraud exposure

Central Bank of Ireland of Ireland has today (Tuesday 28 April 2026) published a report highlighting that more than one in three Irish adults (35%) have experienced fraud or scams (PDF 2.07MB), with nearly two-thirds of victims suffering financial losses. The findings were based on a nationally representative survey of almost 3,000 adults, providing one of the most comprehensive pictures to date of fraud incidence and its impact on Irish consumers.

While total reported payment fraud in Ireland reached €160 million in 2024, a 24.5% increase from 2023, the new research suggests the true impact on consumers may be significantly underestimated.

Concerningly, a striking 38% of fraud victims never reported their experience to their financial service provider or any authority.

The research found that online purchase scams were the most common with 48% of victims being impacted, followed by debit and credit card fraud (34%). Other prevalent scams included delivery service impersonation (15%) and phishing or email scams (13%).

While most victims lost relatively modest amounts, with 39% losing less than €249, the research identified investment fraud as a particular concern. Despite it impacting 7% of respondents, investment fraud victims typically lose more substantial amounts.

The study reveals a clear correlation between reporting fraud and recovering lost funds.

Among victims who reported fraud to their bank, An Garda Síochána or another relevant authority, 57% were able to recover their money. By contrast, only 13% of those who didn’t report the fraud recovered their funds.

In a significant finding, the research identified risky online behaviours as the single strongest predictor of fraud experience—more influential than age, income, or education level. These behaviours include:

• Making purchases from unfamiliar websites
• Sharing banking or payment card details through insecure channels like email or messaging apps
• Sending money to people met online but never in person
• Responding to unsolicited messages offering discounts or promotions
• Failing to use multi-factor authentication for online payments
• Making frequent high-value purchases online

While general financial literacy—understanding concepts like interest rates and inflation—showed no protective effect against fraud, fraud-specific literacy did make a significant difference. Fraud literacy – being able to identify warning signs and fraudulent cues in realistic scenarios- was associated with lower fraud experience.

Deputy Governor Kincaid commented on the report, “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. The research we are publishing today will help the Central Bank, other authorities and financial service providers to combat fraud and develop better frameworks to deal with this growing problem we face together.

The research also shows that you can make it harder for the fraudsters by taking steps in your online behaviour and it is important that if you do fall victim to fraud you report it. Reporting to your financial service provider makes it more likely your money can be recovered and where you did not specifically authorise the payment transaction you have a statutory right to a refund, subject to limited exceptions. By reporting, you may also help others by making your financial service provider aware of the fraud.

Of course, it is equally important that where people do report fraud their financial service provider is there to support them, and the Central Bank has work underway with the firms we regulate to improve customer service for fraud cases.”

More information

Úna Quinn [email protected] / 086 067 4008

[email protected]

Source: Central Bank of Ireland

24 April 2026 Warning Notice

Warning:	Unauthorised Investment Firm, Investment Business Firm.
Unauthorised Firm Name	Irish Term Deposits
Websites	https://comparetermdeposits-ie.com https://fixedtermdeposits-ie.com https://termdeposits-ie.com https://fixedtermdeposits-dgs.com  https://Irishtermdeposits.com
Email address used	[email protected]
Phone number used	0441618062323
Authorisation in Ireland	Irish Term Deposits is not authorised to provide Investment services or Investment Business services in Ireland.
Additional information	This investment scam is an example of a “comparison website scam”, where fraudsters set up a website purporting to help consumers find and compare different investment or savings products. Consumers looking to make an investment enter their details (i.e. contact information, amount to invest) into an online form and are later contacted by the fraudsters via phone or email. These fraudsters claim to be from well-known banks and offer investment opportunities in fake investments in the form of Fixed Income Deposits. The fraudsters will often share official-looking brochures using the name and branding of these well-known banks.

Notes:

1. Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.
2. For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams
3. The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Source: Central Bank of Ireland

17 April 2026 Press Release

Today, the High Court published its written judgment in the matter of the Central Bank’s application under the Fitness & Probity Regime to confirm the one-year prohibition issued to  a senior executive on 02 February 2022 concerning his role in a regulated firm in the investment fund and asset management sector. The decision of the High Court was to refuse the application.

The Central Bank acknowledges the importance of  the Court’s findings and the clarity that the judgment provides in this case. 

Under the Fitness & Probity Regime, the Central Bank is required to apply to the High Court to confirm a prohibition if the individual concerned does not agree to comply with a prohibition notice imposed by the Central Bank¹². The application to the High Court was made in March 2022 and the matter was heard in December 2022. The parties were notified, on a confidential basis, of the Court’s decision in May 2025.

Fitness & Probity concerns were raised regarding the conduct of the senior executive and his suitability to perform certain significant functions leading to the commencement of the investigation.

While upholding the Central Bank’s decision to commence and conduct the investigation, the High Court found that fair procedures were not adequately provided to the senior executive by the Central Bank in this case.

Enhancements to the Fitness and Probity (F&P) Regime

The Central Bank advocated for a number of legislative changes to enhance its investigation and prohibition decision-making (decision-making) powers under the F & P Regime, culminating in changes introduced as part of the Central Bank (Individual Accountability Framework) Act 2023 (IAF Act). The IAF Act also introduced additional safeguards relating to fair procedures within the investigation and decision-making processes. In April 2023 the Central Bank published updated Regulations and Guidance³ in respect of the F & P Regime to reflect the changes to its investigation and decision-making processes.  

More recently, the Central Bank held a public consultation (CP-166) on supplemental guidance⁴ on prohibitions which closed for submissions on 25 March 2026 with final guidance expected to be published during the summer.  This consultation was separate from the Central Bank’s consultation in 2025 (CP-150) which did not relate to F&P investigations and led to updated Guidance in respect of consolidated Fitness and Probity Standards.⁵

Ends

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[1] Section 45 of the Central Bank Reform Act 2010.

Source: Central Bank of Ireland

17 April 2026 Warning Notice

Warning:	Unauthorised Investment Firm / Unauthorised Investment Business Firm / Unauthorised Irish Collective Asset-Management Vehicle (ICAV)
Unauthorised Firm Name	Clarus IV ICAV (CLONE)
Website	https://www.clarusiv.com/
Email addresses used
Phone number used	+353 1525 9660
Authorisation in Ireland	Clarus IV ICAV (Clone) is not authorised to provide investment services in Ireland.
Additional Information	This firm cloned the details (name and Central Bank authorisation details) of a legitimate Central Bank authorised ICAV in order to add an air of legitimacy to the scam.  It should be noted that there is no connection whatsoever between the Central Bank authorised fund and the scam entity.

Notes:

1. Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.
2. For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams
3. The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Source: Central Bank of Ireland

17 April 2026 Warning Notice

Warning:	Unauthorised Investment Firm / Investment Business Firm
Unauthorised Firm Name	Pimco Global Wealth / Pimco (Ireland) (Clone)
Websites	www.pimcoglobalwealth.com www.pimcoprivatewealth.com www.pimcoprivateclients.com www.pimcoglobaladvisors.com
Email address used	[email protected]
Phone numbers used	+353 1 912  8604    +353 1 531 4593
Authorisation in Ireland	This firm is not authorised to provide investment services in Ireland.
Additional information	Pimco Global Wealth / Pimco (Ireland) cloned the details (including the name (or part thereof), CRO number and address) of a Central Bank authorised firm and has been seeking to pass itself off as the legitimate firm, Pimco Global Advisors (Ireland) Limited, in order to deceive consumers. It should be noted that there is no connection whatsoever between the Central Bank authorised firm and Pimco Global Wealth / Pimco (Ireland).

Notes:

1. Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800.
2. For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams
3. The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Source: Central Bank of Ireland

14 April 2026 Warning Notice

Warning:	Unauthorised Retail Credit Firm
Unauthorised Firm Name	Finance Advice Help
Website	Financeadvicehelp.com
Email address used	[email protected]
Authorisation in Ireland	Finance Advice Help is not authorised to provide retail credit services in Ireland.

Notes:

1. Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.
2. For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams
3. The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Source: Central Bank of Ireland

14 April 2026 Warning Notice

Warning	Unauthorised Banking Business
Unauthorised Firm Name	Fisher Investments Ireland Limited (CLONE)
Website	https://fisherinvestments-ireland.com
Email addresses used
Phone Numbers used	+353 (0) 1 263 6340 +353 (0) 1 526 6604
Authorisation in Ireland	Fisher Investments Ireland Limited (CLONE) is not authorised to provide banking business services in Ireland. There is no connection between the legitimate Central Bank authorised firm, Fisher Investments Ireland Limited (C185052) and the unauthorised entity.
Additional Information	Websites with no connection to the legitimate entity include: https://fisherinvestments-ireland.com https://fisherinvestments-privateclients.com https://fisherinvestment-wealth.com

Notes:

1. Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank.
2. For more information on how to protect yourself from financial scams, please visit www.centralbank.ie/financialscams
3. The name of the above firm is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.