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
Mr. Colm Kincaid:
Our approach to unauthorised provision of services is a proactive supervisory approach of scanning to see what activity is taking place, finding it and bringing it to an end. We do not only do this if someone brings to our attention that they unfortunately have been the victim of a fraud, just to be clear about the modality of how we work. Our focus is on making sure that the unauthorised activity is brought to an end. To be straight with the committee, we do not regulate Internet service providers, media companies or entities other than the firms that we regulate. Responsibility in that regard sits with another agency. We do not have a role in supervising or regulating the systems and controls of online and social media companies. I understand the merits and logic of the Deputy’s point, but our focus lies in ensuring that wherever it is - if it is in a newspaper ad, as it sometimes is, a magazine, a brochure, which it is sometimes is, or if it is online - engaging with whoever is publishing that material to get it taken away. Mostly importantly, however, although it can be difficult online, we try to identify those behind the activity. We engage with An Garda Síochána around that because it is criminal activity.
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