The Central Bank of Ireland has issued a warning about the changing nature of fraud threats facing the country’s financial institutions, following new cases involving crypto firms and advances in online scam techniques.
Recent enforcement actions include strong sanctions on a crypto firm for failures in anti-money laundering (AML) compliance, underscoring banks’ responsibilities in vetting new entrants to the financial system. The bank also highlights an uptick in ‘deepfake’ and social engineering scams, urging both banks and consumers to be vigilant. Regulatory bodies are working closely with law enforcement and technology platforms to develop countermeasures, while emphasizing the importance of customer education and cross-border collaboration.
