Oireachtas Joint and Select Committees

Wednesday, 12 July 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Authorised Push Payment Fraud: Central Bank of Ireland

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I understand. That needs to happen with a bit of urgency and pace. Let us look at the scam that is probably the most costly to the victim, which is the investment scam. We have seen the stats that they have been increasing since 2019. We know that in some cases, people have lost more than €100,000 on them. We heard from the Garda, who gave an example of a civil servant who put their lump-sum pension payment into an investment scam. These can be very sophisticated. People who are well educated and aware can fall victim to these scams. We know that they originate on social media platforms in many cases. What role does the Central Bank have with regard to the advertisement of an investment vehicle that is not authorised?

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