If cyber crime were measured as a country, it would rank as the third-largest economy globally, behind only the US and China. In Ireland, recent research estimates the economic cost of cyber crime to be over €300 million per year. Telecoms regulator ComReg’s study also reveals that there were approximately 365,000 cases of fraud in Ireland last year alone, primarily due to scam calls and texts.
Last year, there were a staggering 89 million communications and 31 million distressing communications in Ireland, with over 5,000 businesses falling victim to fraud. Fraud-related crimes in Ireland have escalated by 43% according to the Central Statistics Office, driven mainly by banking and online fraud, as well as an increasing wave of smishing. Smishing involves using fake mobile text messages to deceive individuals into downloading malicious software, disclosing sensitive information, or transferring money to cyber criminals. These fraudulent messages often pretend to be from banks, toll companies, utilities, or parcel delivery firms, targeting recipients en masse.
The outgoing head of the Garda National Economic Crime Bureau, Chief Superintendent Pat Lordan, has highlighted the lack of resources and personnel to tackle this type of crime. A review by former Director of Public Prosecutions, James Hamilton, has also drawn attention to the diminishing capacity of the State to investigate these cases. However, a resourcing plan is yet to be implemented, as pointed out by the Policing Authority in April. This inadequate response is unacceptable.
Lordan stresses the responsibility of telephone companies in facilitating such crimes and urges ComReg to hold them accountable. Failure to do so may result in civil cases brought forward by the public. Other countries have implemented laws requiring phone companies to block suspect numbers, utilizing the technology available to them.
Cyber criminals constantly seek new methods to extract money from their victims. Ransomware attacks against small and medium businesses have increased in Ireland, often initiated through infected email attachments or phishing emails linking to fraudulent websites. These malicious activities lead to the downloading of harmful software onto targeted computers.
Businesses of all sizes and private individuals in Ireland have experienced their data being encrypted with malware. The consequences of such attacks can be devastating, with cyber criminals demanding payments ranging from hundreds to millions of euros, typically in Bitcoin, in exchange for decrypting the victim’s data.
Officially, individuals who believe they have fallen victim to cyber crime are advised to report it to their local Garda station. However, as Lordan admits, many fraud cases are not being promptly investigated, despite the need to complete them within a year.
The concerns raised by Lordan must not be ignored. Cyber crime demands a more serious approach, with a resourcing plan implemented urgently to address this issue.
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