Hacking, phishing, online fraud and other cyber crimes are believed to be the most prevalent financial crimes in Ireland, according to new research.
The survey was conducted by the Compliance Institute, a professional organization for compliance professionals.
According to the survey, fraud and tax evasion are tied for second place as the most prevalent financial crimes in Ireland.
This was followed by money laundering, bribery and corruption, and insider trading.
The Compliance Institute conducted a survey of 230 compliance professionals across the country, primarily working in financial services organizations in Ireland.
“While financial crimes, from tax evasion to insider trading, may be categorized as ‘traditional’ criminal investigations, cybercrime is more new-age, evolving at a faster pace than organizations and lawmakers can keep up with. We’re making progress,” Michael Kavanaugh said. Compliance Research Institute CEO
“These attacks can have devastating consequences not only for the victims but also for the wider public.
“You only need to look at the devastation caused to patients after the 2021 HSE hack to understand the gravity of the crime,” Kavanagh said.
The Compliance Institute says statistics from the Banking Payments Federation of Ireland (BPFI) show that fraudsters stole nearly €85 million through fraud and fraud in 2022, and as the new year begins, these He said there was great concern that the numbers would rise further.
“Ireland is now Europe’s largest data hosting cluster, highlighting the need for sophisticated cybercrime and data protection systems,” Kavanagh said.
“Regulators need to ask themselves how they can regulate and supervise innovation without stifling it.”
“Businesses and organizations need to ask how they can best prepare and respond, and the public also needs to know what steps they can take to protect themselves. ‘ he added.