Mr. Colm Kincaid:

The issue with authorised push payment fraud is that it is not a case of the fraudster intervening within the transaction to steal the money as it is in transit; it is a question of the fraudster manipulating the victim to convince them to make a payment to him on a false pretence, either by pretending to be someone he is not or by convincing the victim to make a payment for goods that will never be provided, for example. We very much expect firms in Ireland to trace the money once it has gone through. They all have policies for doing this. What fraudsters prefer about the instant payments mechanism is that the money is moved much more quickly through the system, meaning they can layer it very quickly through a series of transactions.