Results 4,861-4,880 of 36,138 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: That is why the levels of scamming are much higher. Given the trend in this regard, is it fair to say we are losing the fight against the scammers? They are steps ahead of us. There has been a 35% increase in authorised push payments and there are significant levels of unauthorised push payments. The number of people defrauded and the value of the amount of money pocketed by the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: I agree 100%. To go into that with my next line of questioning, we see that the trends are increasing. More people are being scammed and the value of the scams is increasing. When we get the 2020 and 2023 results, it is likely to have gone in the same direction. In the meantime, we do not have a national strategy for combating economic crime. It is just batshit crazy that 4,000 people...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: There are two ends to this. First, we want a strategy where we are all pointing in the same direction. This is online fraud. As I said, 4,000 people lost €17 million. Some 4,000 people were, on average, robbed of more than €4,000 each that year. The same probably happened last year and it is likely to be more this year, yet we do not have a national strategy. The second...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: In the absence of that, BPFI is chairing a kind of intelligence group that includes the Garda, the banks and other agencies to share fraud trends and typologies. Is that correct? However, they obviously cannot share the core information because their hands are restrained in respect of that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: Regarding the group the BPFI set up, I commend its work on that but I note the restrictions. It is looking after the fact. The horse has well bolted down the fields and the customers and banks have been left short-changed as a result of this. If we had the shared information fraud database and our national strategy, is it still the banking industry that should be chairing that type of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: In respect of the banking industry's awareness campaign, is paid advertisement being taken out on social media platforms to get that message across?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: How do the witnesses feel about the social media companies being in a win-win situation? They are taking money from the fraudsters in terms of paid advertisement to scam us and then they are taking money from the industry to try to prevent the scammers. Do social media companies and telecommunication companies that are accepting paid advertisement on their platforms have a responsibility to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: Let me go back to the victim in this, and the 4,000 people scammed in 2021. They did not get any compensation. They were out of pocket and that was it. They are changing the laws in Britain. The voluntary code between the ten large banks was mentioned and that is now moving to a statutory code. The consultation is finished. A policy statement has been issued by the British Government,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: Of course you have to but-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: I will finish on this point. I do not believe that defence stacks up. I understand the industry does not want the cost placed on the banks. However, there is an automatic reimbursement when it comes to the largest volume of fraud. If Ms Davenport genuinely believed what she said, she would say we should stop all that as well. There is nothing to prevent investigation even if there is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: Just briefly, I want to raise the issue of instant payments and non-instant payments in the State. We are very low in relation to instant payments compared to other European countries, which are up at 90% and so on. The issue here is that the new directive that is coming from Europe will require us to identify the individual to whom the money is being transferred, but that will only apply...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: All credit transfers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: When does Ms Davenport believe that will be operational?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: It will be approved by the end of the year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: So, it will be another two and a half years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: On the issue of progressing the European directive, a number of countries have taken steps to confirm payee in the past, such as Britain and the Netherlands. Instant payments in the Netherlands are up at 99.5%. If people are transferring money, the bank will ensure that the IBAN directs to whatever store it should be, such as Homestore and More, as opposed to somebody who has set up an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: So there is no appetite to move quicker than they are mandated to at a European level.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: Ms Davenport mentioned that the initial step in the fraud is usually online. We talked about social media operators taking paid advertisement. We have some of those advertisements for investment scams, which the Banking and Payments Federation of Ireland has been alerting the public to recently. Regarding those types of investment scams, does the Central Bank have a role in authorising...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: What about the Competition and Consumer Protection Commission? The problem is that there is no liability here. These forums can take the paid advertisement and not have to worry whether it is a scam or not. If a newspaper or the Yellow Pages advertised an investment scam that was fraudulent, surely there would be some comeback for that business or entity? There is no culpability or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payments Fraud: Banking and Payments Federation Ireland (24 May 2023)

Pearse Doherty: That comes to my last question. It was interesting to hear what Ms Davenport said about the gardaí. The benefit of the module we are doing is that it will hopefully inform public awareness about some types of fraud. We have not even touched on the one which intercepts legitimate businesses paying invoices. There are major issues where fraudulent entities are pretending to be a...