Ms Niamh Davenport:

We do not have figures for Ireland but we know that in the UK, 80% of the authorised push payment frauds we are discussing today originated online. These are advertisements and investment scams. They are the most common ones we have seen here recently. We have done a lot of media alerts, email alerts and in-person events specifically on investment scams. What we see in these particular cases is the age group of those aged over 55 who are about to retire and take out their pension lump sums. They are tempted into believable websites. Given the cost-of-living crisis, they might be investigating how to increase the fund for a better retirement. There are advertisements online and the websites are very believable. There is follow-up. People might put in their details for a call-back. A brochure might be emailed replicating well-known Government funds or bonds. Customers are being lured into these. They are all being advertised online. This is the source of it.