Results 3,841-3,860 of 35,563 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: The process would likely take a couple of days, would it not? The supplier will not get payment that day.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: Yes. If I were in Finland, Germany, Estonia, Latvia, Spain, Greece, Portugal or others, the likelihood is the supplier will get payment in 15 seconds. Is that not the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: All European countries operate instant payments. Is that correct? Here it is only Barclays Bank that operates it and it is for corporate customers and users of prepaid cards from Prepaid Financial Services, PFS. In other countries the percentage of instant payments as a ratio of SEPA payments is as high as 100%, in the case of Slovenia. In Austria it is 64%, in Finland it is 63%, in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: This was brought in back in 2017 to make life easy. I have experience of having to pay suppliers from my involvement in a community group. In this day and age, we are having to take a screenshot to show we have made a payment and send the screenshot to the supplier via WhatsApp, all because the banks here do not operate instant payments. As I have said, what other banks have done in all...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I am not disputing that. However, we have also seen botched attempts by banks, which came together to try to do an instant payment app just between themselves. I am sure they spent a lot of money, although I am not sure what the total was. Why did they not just plug into SEPA instant payments, which are available across the European Union? Am I correct that Revolut offers instant payments?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I only raise this issue because Mr. Kincaid raised the issue of instant payments. There are rules relating to authorised push payment, APP fraud, instant payments and so on, but it is pointless for us because the volume of transactions is so low. The transactions are very much taking place in corporate areas. I turn to the Central Bank's advertisement campaign online. Was it last year...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: It was an online public awareness campaign entitled, "How can I protect myself from financial services scams?" How did the Central Bank promote that? What platforms did it promote that on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: How much paid advertising did the organisation use?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: As I said, I commend the Central Bank on the public awareness campaign. We will need a lot more of them as these frauds become more sophisticated and develop over time, as we know has been happening. However, there is a serious issue with paying them. These companies are having it both ways. They are getting paid by the authorities who are trying to protect people and they are benefiting...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I agree 100% with Mr. Kincaid. I refer to some of the activities and checks they have. I imagine they have some checks, but they are not robust enough if they are taking paid advertisements from scams. Just yesterday, I saw one about Gweedore. They were selling tee-shirts with Gweedore on them. That is my local town. Somebody posted underneath it saying, "Don't go near this; this is a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: 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...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: What if they do not claim to be regulated by the Central Bank? Is it not the case that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: We know that these originate on online platforms. We understand that not all investment is regulated. However, at least some of these scams - many of them - would fall under regulated activity. What engagement does the Central Bank have with the social media companies and online platforms on the checks they need to put in place for hosting activity that is not only illegal but needs to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I do not expect the Central Bank to regulate the social media companies. Nobody is suggesting that. However, the Central Bank has adopted a silo approach to this matter. That needs to change. It is doing exactly what is set down in the context of its job and its role. It is scanning, looking, identifying and all the rest, but there could be a logical step, which would be to acknowledge...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: With the modules, the committee is trying to hear from all different groups - the Department of Justice, the Department of Finance, the Central Bank, the Garda, the banks and the payments. I think every single person and every one of those groups wants the same thing that we do. We do not have a strategy, which is the problem. The Government does not have an economic crime strategy. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: The Commission is also proposing the confirmation of pay. I have been raising this matter for over a year now. Britain already has it. I think the Netherlands already has it. It makes sense. It is just a check on the IBAN, so that if someone is sending money to a particular number, it actually is Pearse Doherty, Johnny McGuirk or whoever it is. It seems to be effective. Obviously, the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: My colleagues will be picking up on some of that. In discussing authorised push-payment fraud and the level of reimbursement, we do not really have accurate data across the financial system. We rely on the data we get from the BPFI which comes from individual banks which have different strategies. This might be a question for the Central Bank. The three main lenders all have a different...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: Does the Central Bank have all the data?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: Does Mr. Kincaid have any concern that the same companies the Central Bank is paying to carry their public awareness campaign, "How can I protect myself from financial services scams?", are actually benefiting from the financial scammers? The Central Bank paid €100,000 to online platforms. I commend the bank on its initiative regarding the scams they are trying to alert people about,...