Fraud in Ireland Is Rising Fast. Here Is How MFCU Is Protecting You

Fraud is no longer something that happens to other people. Online fraud in Ireland rose by over 130% last year, with deception offences alone up by 273%, according to An Garda Síochána. The Central Bank of Ireland found that more than one in three adults in Ireland have experienced fraud, with total reported payment fraud reaching €160 million in 2024. And the real figure is likely higher, because many victims never come forward.

What We Do to Protect You

Here in Member First, we operate a zero-tolerance approach to fraud. Where fraud is identified, we report it to An Garda Síochána and other relevant authorities without delay. Your security is not an afterthought. It is built into how we operate every single day.  

Our dedicated fraud team monitors transactions continuously for suspicious activity, they are backed by robust controls to prevent, detect, and respond quickly to threats.

We also work closely with other credit unions and the wider financial sector to share intelligence. Stopping fraudsters from targeting one credit union often means stopping them from targeting others too.

How Scammers Actually Work

Fraudsters do not rely on technical skills alone. Mostly, they rely on psychology.

The most common tactic is urgency. A scammer will tell you that your account is at risk or that a payment is about to go through right now. This is deliberate. When we feel rushed, we stop thinking clearly and start reacting. That is exactly the window a scammer needs.

The second tactic is impersonation. Fraudsters pose as trusted organisations, financial institutions, delivery companies, or even An Garda Síochána. They use familiar language and spoofed phone numbers that make a scam contact look completely legitimate.

Social media platforms made €32 million in revenue last year from scam ads targeting consumers in Ireland, with the average user encountering 164 of them in 2025. Fraudsters are everywhere you look, and they are getting better at blending in.

The third tactic is familiarity. A scammer may already know your name, your location, or partial account details gathered from data theft or social media. Do not assume that because someone knows something about you, they are who they say they are.

Stop. Think. Check.

The Central Bank found that risky online behaviours are the single strongest predictor of fraud experience, more influential than age, income, or education level. Awareness and good habits genuinely protect you.

Before you act on any message, call, or request about your account, give yourself a moment.

Stop. Take a moment before doing anything. If someone is pressuring you to act immediately, that is a warning sign.

Think.

• Does this feel unusual or unexpected?
• Were you contacted out of the blue?
• Are you being asked to share information or make a payment quickly?

Check. Verify before you act. If any of the following is being requested, do not engage.

• Never share your PIN, password, or one-time passcodes with anyone
• Never approve a push notification you did not initiate yourself
• Never confirm your security or phishing image to anyone over the phone or by message
• Never share your full IBAN – we will only ever confirm the last four digits with you
• Never hand your card or cash to someone who comes to your door claiming to collect it on our behalf

If something does not feel right, it probably is not. If you receive any request like that from someone claiming to be Member First Credit Union, do not engage. Contact us immediately using the number on our website and our team will help you straight away. 

What to Do If You Think You Have Been Targeted

Do not panic. Act quickly and contact us straight away. The sooner you let us know, the more we can do to protect your account.

Reporting matters more than most people realise. Among fraud victims who reported to their financial provider or An Garda Síochána, 57% were able to recover their money. Among those who did not report, only 13% got their funds back, according to the Central Bank of Ireland. Acting quickly gives you the best chance of getting your money back, and it helps protect other members too.

You can also report suspicious activity directly to An Garda Síochána at your local station or through the Garda website.

Protecting you and our Credit Union

From time to time, as part of our normal processes, we may ask you to provide identification documents, verify certain information, confirm details such as your source of funds, or allow us to scan notes presented during transactions.

These checks are routine and apply to all members at different times. They are simply part of how we keep everyone safe. We appreciate your understanding whenever they happen, because these steps help us protect your account and prevent fraudsters from accessing or benefiting from your savings.

Keeping You Informed

One of the most important things we can do is make sure our members know what to look out for. Fraud thrives when people are unaware or unsure. That is why we are committed to providing regular fraud awareness updates and practical guidance to help you keep your account secure.

We also want to give you access to tools and resources that go beyond what we can provide ourselves. In the coming weeks, we will be introducing fraud awareness and fraud prevention training specifically for our members. We will share more details on that soon, but it is part of a broader commitment to making sure that every member of Member First Credit Union feels informed, prepared, and protected.

Useful Resources

• FraudSMART: practical guidance on the most common scams in Ireland, run by Banking and Payments Federation Ireland
• Scamchecker: check if a phone number, website, or email address has been flagged as suspicious
• ComReg Scam Calls advice: guidance on identifying and reporting scam calls in Ireland

We are always here if you have any concerns about your account or a suspicious contact. Do not hesitate to contact us. And for more on staying safe, read our other Fraud Awareness blogs.