Plan needed to tackle massive increase in financial fraud - Kilkenny TD

Sinn Féin TD for Kilkenny Kathleen Funchion has called for a plan to tackle fraud and scams, following a massive increase in the crime.

Figures released to Sinn Féin spokesperson on Finance Pearse Doherty by the Department of Justice show the major increase.

Sinn Féin are calling for the Government to bring forward a multi-annual plan to tackle these crimes as citizens feel increasingly vulnerable to the criminal actions of fraudsters.

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“Figures released to Sinn Féin's Finance spokesperson Pearse Doherty by the Department of Justice show an alarming and massive increase in financial fraud and scams across the State.

“Since 2019, instances of investment fraud have risen by 258 percent.

“Account Takeover Fraud has increased by a staggering 560 percent.

“Romance fraud has risen by 83 percent while scams through phishing, smishing and vishing have increased by 417 percent.

“Citizens are being robbed of millions of euros each year by fraudsters. This will include countless people in Kilkenny. 

“In 2020, the Hamilton Report recommended the development of a multi-annual strategy to combat economic crime - two and half years later, the Government is yet to publish a multi-annual plan to tackle economic crime and fraud. This is not acceptable.

“Banks and An Garda Síochána still do not have a Shared Fraud Database to tackle fraud and protect consumers – despite banks repeatedly calling for it to be established.

“Government inaction is leaving citizens exposed, here in Kilkenny and beyond.

“Online platforms and social media companies are not doing enough to tackle fraudulent content or the targeting of victims through their channels.

“It is time to consider whether these online platforms should compensate victims when they are targeted through their channels.

“We also know that payment systems providers are not required to compensate victims of these types of fraud and scams – something that will soon be required in the North.

"Consumers in Kilkenny must be protected so that they can have confidence that they won't be left vulnerable to these crimes," added Deputy Funchion.