Four in five targeted by scammers last year as frausters get more sophisticated

/ 29th January 2025 /

Four in five (81%) Irish consumers were targeted by scammers last year, research from international money app Wise has found.

Irish people are also becoming warier of fraudsters, with more than three-quarters (77%) believing scam attempts increased significantly last year and 45% targeted in the last three months of 2024 alone.

The survey of 2,000 Irish adults, conducted by Censuswide, shows that in addition to becoming more frequent, people believe scams are becoming harder to identify.

Some 82% think scams have become more sophisticated, and while almost three in five (58%) feel well-informed about new types of scams, the vast majority (84%) are concerned for vulnerable family or friends.

The new study shows that phone calls, text messages, and emails are the most common channels used by scammers, and they tend to change channels depending on their target.

Two in five (39%) 16-24-year-olds have received scam text messages, disproportionately more than any other age group.

In an effort to address this growing threat, nearly half (46%) believe that scam awareness should become a core part of the school curriculum, and 98% agree that children should be taught some form of scam awareness from an early age.

Despite their greater confidence in their ability to identify scams, men (€2,168.73) reported significantly higher average losses from scams than women (€1,151.22).

Men are less likely to admit to their family members that they have been scammed, potentially limiting the support and advice they receive.

Additionally, the report highlights a widespread lack of awareness, with 54% of Irish people unsure of where to seek assistance if they fall victim to a scam.

This combination of overconfidence, reluctance to share experiences, and limited knowledge of support resources exacerbates the impact of sophisticated scams on the population, according to Wise.

“Education and awareness are key to combatting financial crime,” said James Clements, Wise’s scams and financial fraud expert.

“There is no shame in being a victim of financial crime and we would encourage anyone affected by a scam to report it to their financial provider.

"At Wise, helping customers to protect themselves moving forward is a top priority and we are continually investing heavily in scam prevention.”

“There are also convenient steps that consumers can take to protect themselves.

"Although three in four Irish people regularly check their financial statements for fraudulent behaviour, only a quarter (24%) have set up fraud alerts with their financial provider or credit card company, and just one in 10 (11%) have registered with identity theft monitoring services.”

Over the past year, the most common scams consumers have encountered include impersonation scams (43%), online shopping scams (34%), and rental scams for things like holiday homes (15%).

Although 64% said that encountering scams has changed their online behaviour, nearly half (47%) of Irish consumers still make impulse purchases regularly, and less than half take preventative measures to avoid falling victim to fraudsters.

"It's important for people to remain vigilant of scam attempts, especially when looking for the best deals. Our research shows most consumers find January more financially stressful than other months," said Clements.

"Consumers can’t be blamed for looking out for a bargain buy or a cheap holiday abroad as a pick-me up.

"However, this can make them more vulnerable to fraudsters. If it looks too good to be true, it probably is, so it’s important to look out for common red flags and to take effective preventative measures."

In response to the rising threat of sophisticated scams, Irish consumers have identified key warning signs and adopted measures to protect their finances and personal information.