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Bank customers are being urged to remain alert this Christmas as fraudsters deploy increasingly convincing tactics designed to impersonate well-known financial institutions. Recent scam activity shows a shift towards highly polished phone-based fraud, where criminals use authentic bank recordings to create the illusion of legitimacy.

The scam typically begins with a text message claiming to be from a major Irish bank, warning that a card transaction has been declined and that the account has been temporarily restricted. The message urges the recipient to make immediate contact using a phone number provided. Variations of the text have circulated in the names of Permanent TSB, Bank of Ireland and AIB.

Once the call is made, victims may hear genuine bank welcome messages that have been copied from official customer service lines. This detail alone can lower suspicion. Call handlers then speak confidently, often with Irish accents, and claim to have identified suspicious activity such as a declined card payment or unauthorised use of Apple Pay. The aim is to create anxiety and prompt the caller to disclose sensitive card or account details.

Those who investigate these scams closely report that the explanations offered by the callers are entirely fabricated, yet delivered with assurance and technical language. Even when challenged, scammers adapt quickly, offering plausible responses that keep the conversation moving. When pressed with questions about their identity or location, inconsistencies often emerge and calls may end abruptly.

The scale of the problem is significant. Data from the Central Bank of Ireland shows that fraudulent payments totalled €160 million in 2024, representing a 25% increase on the previous year. Banks continue to invest heavily in prevention, though criminals frequently change numbers and methods to stay ahead.

According to Peter Vance, Chief Operations Officer at Permanent TSB, tackling fraud has become a continuous cycle of detection and response. While banks can have scam numbers blocked, fraudsters often migrate to new ones quickly. He notes that PTSB’s Protect service has significantly reduced customer exposure by flagging suspicious texts and fraudulent websites before users engage with them.

Industry bodies are also urging caution. Banking & Payments Federation Ireland, through its Head of Financial Crime Niamh Davenport, stresses that banks will not send texts from mobile numbers or ask for personal information via links. Messages that do so should be treated as warning signs.

Customers who believe they may have been targeted are advised to act quickly. Contacting a bank using the phone number on the back of a debit or credit card, or through the institution’s official website, gives the best chance of limiting losses. Resources such as scamchecker.ie can also help verify suspicious links.

While reimbursement is assessed on a case-by-case basis, early reporting can improve the likelihood of recovering funds. As scams continue to evolve, awareness and caution remain the strongest defences for consumers.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.