Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We need to address APP fraud and start with protecting victims and putting more pressure on banks and payment providers to improve their systems. Requiring compensation to victims would do both.

I have been in contact with an individual who was a victim of APP fraud. Payments were made through a bank in Britain and a bank in this State, and while she was compensated by the British bank, she received no compensation from the Irish bank. It was the same scam but it involved two different banks in two different jurisdictions. One provided compensation, while the other did not.

Another initiative that could be implemented is confirmation of payee. This requires payment providers to check the payee name entered by the sender against the name on the account to which the payee is sending funds. This requirement is in place in Britain and also the Netherlands. It has been an effective tool in reducing incidents of fraud and should be introduced here without delay. I understand such a proposal is made in the Commission's legislative proposal on instant payments published in October. There is no reason we cannot move forward in implementing this system without delay. Would the Minister consider that?

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