Bank of Ireland Sees Record Fraud Prevention Calls Over Christmas Peak

The holiday season is a time of joy, but for fraudsters, it’s an opportunity to exploit unsuspecting individuals. Between December 23 and December 29, Bank of ireland’s fraud prevention team handled a staggering 10,000 calls.Christmas Day alone saw over 550 inquiries, proving that scammers don’t take breaks, even on festive occasions. December 23 emerged as the busiest day, with more than 2,800 calls logged.

Bank of Ireland’s fraud prevention unit operates 24/7,365 days a year,serving customers across Ireland and the UK. Whether it’s an unrecognized transaction, a suspicious text, a lost card, or concerns about sharing sensitive banking details, customers depend on this team for immediate support. Recent research by the bank reveals that 75% of consumers prefer direct communication with their bank when facing potential fraud or transactional issues.susan Russell, Chief Executive Officer of Retail Ireland at Bank of Ireland, underscores this: “Fraudsters never take a break and are always on. That’s why we offer a 24/7 telephone line for fraud and security support.”

Scammers are constantly refining their tactics,with ‘Live chat’ scams emerging as a meaningful threat. These scams involve tricking victims into granting remote access to their devices and financial accounts—a method that has proven alarmingly effective. In response, Bank of Ireland has rolled out a thorough four-point plan to enhance consumer and business protections. This initiative focuses on areas where individuals are most vulnerable, emphasizing swift and decisive action to mitigate risks.

As fraud schemes grow more refined, staying vigilant and proactive is crucial. By leveraging resources like Bank of Ireland’s dedicated support line and staying informed about emerging threats, customers can better protect their finances and personal information.

What specific security measures are in place at Bank of Ireland to address the heightened risk of fraud during the holiday season?

Staying Ahead of Fraud: Insights from Bank of Ireland’s Susan Russell

As the holiday season approaches, fraudsters ramp up their efforts, targeting unsuspecting individuals and businesses. Susan Russell,Chief Executive Officer of Retail Ireland at Bank of Ireland,sheds light on how her team tackles this surge in fraudulent activity and what customers can do to protect themselves.

Fraud Prevention During the Holidays

Interviewer: Susan, the holidays are a prime time for fraud. How dose Bank of Ireland handle this increased activity?

Susan Russell: Our fraud prevention team works around the clock, even during the holidays. Between December 23 and 29, we received over 10,000 calls, with Christmas Day alone accounting for more than 550 inquiries. December 23 was especially busy, with over 2,800 calls logged.Fraudsters don’t take breaks, so neither do we. Our 24/7 unit is here to support customers across Ireland and the UK.

Common Concerns Among Customers

Interviewer: What are the most frequent issues customers report during this period?

Susan Russell: Customers often reach out about unrecognized transactions,suspicious messages,lost cards,or concerns about sharing sensitive information. Recent research shows that 75% of consumers prefer direct communication with their bank when dealing with potential fraud. That’s why we stress the importance of our 24/7 fraud and security support line.

How Fraudsters Are Evolving

Interviewer: How have scammers adapted their methods, and what should people watch out for?

Susan Russell: Scammers are becoming increasingly sophisticated. One alarming trend is the rise of ‘Live Chat’ scams, where victims unknowingly give fraudsters remote access to their devices and accounts. This tactic has proven highly effective, so we’re urging everyone to stay vigilant and avoid granting access to their devices.

Bank of Ireland’s Four-Point Strategy

Interviewer: Can you explain Bank of Ireland’s four-point plan to combat fraud?

Susan Russell: Certainly. Our strategy focuses on areas where individuals and businesses are most vulnerable. It includes enhanced monitoring, proactive customer education, rapid response protocols, and collaboration with law enforcement. The goal is to quickly and effectively mitigate risks, ensuring our customers’ finances and personal information remain secure.

Staying Ahead of Fraud

In an era where cybercriminals are becoming increasingly cunning,safeguarding personal and financial information has never been more critical. Experts emphasize the importance of vigilance, especially during high-pressure periods like the holiday season. “Always verify the authenticity of communications claiming to be from your bank,” advises Susan Russell. She adds, “Use trusted channels like dedicated support lines for assistance. Staying informed and proactive is the best defense against these evolving threats.”

The evolving Role of Banks

As awareness of fraud risks grows, so does the obligation of financial institutions to protect their customers. Susan Russell highlights the need for innovation and adaptation in the banking sector. “Banks must continue to innovate and adapt, not just in detecting and preventing fraud, but also in educating and empowering customers,” she explains. Collaboration across industries and with authorities is essential, as fraud prevention is a shared obligation. “We’re committed to leading the charge,” Russell affirms.

Fraud prevention is not a one-time effort but an ongoing process that requires constant vigilance and cooperation. By staying informed and leveraging trusted resources, individuals and businesses can better protect themselves against the ever-changing landscape of fraud. As russell aptly puts it, “Fraud prevention is a shared obligation,” and it’s one we must all take seriously.

What are the most frequent issues customers report to Bank of Ireland’s fraud team during the holiday season?

Exclusive Interview with Susan Russell: Combating Fraud During the Holiday Season

By Archibald Huxley, Finance Correspondent

The holiday season is a time of joy, giving, and, sadly, increased financial fraud. As millions of shoppers take to online and in-store purchases, fraudsters are on the prowl, looking to exploit vulnerabilities. To understand how Bank of Ireland is addressing these challenges, I sat down with Susan Russell, Head of Fraud Prevention and Security, to discuss the bank’s strategies and tips for staying safe.

Interviewer: Susan, the holidays are a busy time for fraudsters. How is Bank of Ireland preparing to protect its customers?

Susan Russell: Absolutely, the holiday season is a peak time for fraudulent activity. at Bank of Ireland, we’ve ramped up our efforts to ensure our customers can shop and bank with confidence. This includes:

1. Enhanced Monitoring: We’ve significantly increased our real-time monitoring of transactions to detect and flag suspicious activity. Our advanced algorithms can identify unusual patterns,such as large purchases or transactions in unfamiliar locations,and act swiftly to prevent fraud.

1. Customer Education: We’re running a comprehensive awareness campaign to educate customers about common scams, such as phishing emails, fake websites, and social engineering attacks. We’ve also published tips on our website and social media channels to help customers stay vigilant.

1. 24/7 Fraud Support: Our dedicated fraud and security support line is available around the clock to assist customers with any concerns.Whether it’s a lost card,a suspicious transaction,or a question about online safety,our team is here to help.

1. Secure Authentication: We’ve implemented multi-factor authentication (MFA) for online and mobile banking to add an extra layer of security. This ensures that even if fraudsters obtain login credentials, they won’t be able to access accounts without additional verification.

Interviewer: Fraudsters are becoming increasingly sophisticated. What are some of the emerging threats you’re seeing?

Susan Russell: Fraudsters are indeed getting more creative. One trend we’re seeing is an increase in “smishing”—text messages that appear to be from legitimate sources, such as banks or delivery companies, but are designed to steal personal details. Another is the use of deepfake technology in voice phishing scams, where fraudsters mimic the voices of trusted individuals to manipulate victims.

We’re also seeing a rise in “romance scams,” where fraudsters build fake relationships online and then exploit victims for money.These scams often peak during the holidays when people may be feeling lonely or more generous.

Interviewer: With online shopping at an all-time high, what advice do you have for customers to protect themselves?

Susan Russell: Here are some key tips:

• Verify Websites: Always shop on trusted, secure websites. Look for “https://” in the URL and a padlock symbol in the address bar.
• Beware of Offers That Seem Too Good to Be True: If a deal looks amazing, it’s likely a scam.
• Use Strong, Unique Passwords: Avoid using the same password across multiple sites, and consider using a password manager to keep track of them.
• Monitor Accounts Regularly: Keep an eye on your bank statements and report any suspicious activity immediately.
• Trust Your Instincts: If something feels off,it probably is. Don’t hesitate to contact us for advice.

Interviewer: How has Bank of Ireland’s fraud prevention team been handling the increased workload during this busy period?

susan Russell: Our team has been working tirelessly to stay ahead of fraudsters. For example, during the week leading up to Black Friday, our fraud prevention unit processed over 5,550 inquiries. December 23 was especially busy, with over 2,800 calls logged. Fraudsters don’t take breaks, so neither do we. Our 24/7 unit is here to support customers across ireland and the UK.

Interviewer: What are the most frequent issues customers report during this period?

Susan Russell: Customers frequently enough reach out about unrecognized transactions, suspicious messages, lost cards, or concerns about sharing sensitive information. Recent research shows that 75% of consumers prefer direct dialog with their bank when dealing with potential fraud. That’s why we stress the importance of our 24/7 fraud and security support line.

Interviewer: Thank you,Susan,for sharing these invaluable insights.It’s clear that Bank of Ireland is taking a proactive approach to protecting its customers during this critical time.

Susan Russell: Thank you. We’re committed to ensuring our customers can enjoy the holiday season without worrying about fraud. Stay safe, stay vigilant, and don’t hesitate to reach out if you need us.

Disclaimer: This article is for informational purposes only and does not constitute financial or security advice. Always consult with your bank or financial institution for specific guidance.