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Shoppers warned to be on high alert as online payment fraud rises 21%

  Shoppers are being warned to take extra precautions in the run up to the Easter weekend as new figures showed online payment fraud is on the rise. According to data from the Banking and Payments Federation Ireland (BFPI), fraudulent payments on cards totalled more than €12 million in the first half of 2020, due to more than 143,000 fake transactions. In-store card fraud halved during the year, reflecting a change in how consumers shopped during the pandemic, online fraud was up 21 per cent over the same period. The figures cover the first six months of 2020, with Covid-19 restrictions kicking in last March. Recent data from the Central Statistics Office showed online retail sales were up 13 per cent in March, the highest proportion of retail sales transacted online since May 2020, and with no clear date for the end of restrcitions on non-essential retail, the online shopping trend is likely to continue.

Online credit and debit card fraud rises 21%

Irish consumers lost over €12 million through debit and credit card scams in the first half of last year, according to new figures published by the Banking & Payments Federation Ireland (BPFI). The data shows that online card fraud was up 21% in the first six months of 2020, reflecting the boost in online shopping during the pandemic. Meanwhile, in-store card fraud dropped by 52% during this period. A total of 143,000 fraudulent card transactions were detected in between January and May. Brian Hayes, Chief Executive of the BPFI said that 72% of these transactions involved the theft of card details. Fraudsters do this mainly by using fake text messages, email scams or fake websites to get a hold of a consumer s card details and go on to use those details to make fraudulent payments mostly online, he explained.

Central Bank jobs warning, Biden corporate tax push and a tribute to Ann Riordan

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