Debit and credit card fraud has hit its highest level in five years with banks warning shoppers to be wary of fraudsters this Black Friday.

Card fraud, which involves the culprit using the victim's compromised card information to make an online purchase, hit €14.5million in the second half of last year, up 18.5%.

With Christmas shopping already under way and Black Friday sales coming at the end of this week, the Banking and Payments Federation Ireland (BPFI) is warning customers to be extra vigilant following these findings in its latest FRAUDSMART Payment Fraud Report.

In total, nearly €45million was stolen through frauds and scams in the second half of last year, up 37% on previous year. The report also highlights the soaring value of unauthorised electronic payment fraud, with €21.5million scammed using this method.

This type of fraud happens when a payment is made by another person without the account holder's authorisation or permission and usually results from the loss, theft or misappropriation of sensitive payment data.

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Fraudsters also scammed customers out of €7.6million through authorised push payments. This occurs when a victim is duped into transferring money from their account to a fraudster's account such as through romance or investment scams. Niamh Davenport, head of financial crime at the BPFI, said: "Fraudsters are increasingly targeting businesses and consumers directly, so it is important for us all to know how to protect ourselves."

Tips from the BPFI on how to shop safely online include:

• using sites where a padlock symbol is shown beside the website address
• sticking to well-known sites and retailers
• being cautious about outrageous offers
• shoppers should also never make purchases while using public WiFi
• should independently visit the website of the online sales company instead of clicking on social media or pop-up adverts.