Our latest issue of Reflecting Ireland explores how we use digital banking services, card payments and cash. We get an understanding as to how we balance the need for convenience, security, and protection against fraud.

We also look at the methods fraudsters use when attempting to get our money, and how effective they are. Lastly, we examine our preferences for the use of technology versus the tried and trusted world of professional advisors when navigating the world of money.

We’ve teamed up with Claire Cogan of BehaviourWise to bring you 6 tips on how to keep your money safe.

 1. Check out fraudsmart.ie

Check out the fraudsmart website, developed by the Banking and Payments Federation of Ireland in collaboration with member banks. It issues alerts on the latest scams operating in Ireland, and tips on how to protect yourself against them.

Sign up to receive alerts in real time as new financial scams emerge. Watch videos to learn more about specific categories like online shopping fraud, phone scams or fraud targeting elderly people.

FraudSMART supports both individuals and businesses. There is a dedicated section for Small and Medium Enterprises (SMEs), increasingly a key target for fraudsters.

2. If tempted, take the safe test

The SAFE test developed by the Central Bank of Ireland involves 4 steps:

1. Stop think and ask yourself what is being offered and who is behind it.
2. Assess the information you are being given. Check with the Central Bank if a firm that contacts you is authorised. Even if they are, check they are genuinely who they say they are. Never provide personal information or send money until you are sure they are authorised and genuine.
3. Fact check the offer.
4. Expose and report financial fraudsters to the Central Bank on 01-22 45 800 or the Gardai.

Learn more about the SAFE test or watch this video.

3. Check the link before buying online 

Developed by Cyber Skills in partnership with An Garda Síochána and ScamAdviser, CheckMyLink is an easy-to-use online tool to check if websites, including online retail websites, are authentic and safe to use. 

Always ensure any online retail website you use displays the locked padlock icon on the left hand side of the web address.

4. Protect yourself against card skimming 

The latest Reflecting Ireland research shows skimmed card data is the most effective method of fraudulently accessing people’s money.  Almost half of those exposed to it fall victim, well ahead of other fraud types.  To protect yourself against it, think SCAN:

• Shield your PIN when inputting it into a point-of-sale device or ATM.
• Change your PIN regularly.
• Assess any point-of-sale device or ATM for signs of tampering or suspicious attachments.
• Never write down your PIN or disclose it to anyone.

As an additional precaution, choose indoor ATMs over outdoor where possible, keep your card in sight when paying for goods and services, and keep an eye on your bank statements to spot any dubious transactions.

5. Be an AD sceptic (especially if you’re under 25!)

Reflecting Ireland research shows young people are more likely to become victims of financial fraud. Young people spend more time online and are more likely to come across online and social media ads designed to entice them, promoting everything from lucrative investment opportunities, job opportunities, event tickets, lottery tickets and places to rent, to friendship and romance.

Pause when you see an ad that seems to be too good to be true. Ask yourself where it is from and what the motivation behind it is. Be especially wary if asked to pay an up-front fee or to share personal information. Don’t share personal information like your name, address, phone number or bank account details unless you are absolutely sure who you are dealing with.

6. Opt-in to tech support 

Opt-in to banking app features offering an extra layer of anti-fraud protection, such as PTSB Protect. This new opt-in feature offers much needed protection against criminals who trick customers into sharing security information by sending deceptive messages with links - something PTSB will never do.

Available on app version 10.2 and above.

Enhance your security with PTSB Protect

The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.