Latest news with #BOI
The Irish Sun
4 days ago
- Business
- The Irish Sun
‘Urgent reminder' – Irish bank issues major alert over spike in sophisticated scam as customers duped
BANK of Ireland has issued an urgent alert to its customers over a spike in sophisticated scams doing the rounds. Fraudsters are targeting customers with convincing fake texts and phone calls, tricking them into transferring their money to bogus 'safe accounts', in many cases via Revolut. Advertisement 4 Bank of Ireland has issued a warning to all its customers regarding scams 4 Users are being tricked into transferring their money to bogus 'safe accounts' Credit: BankofIreland 4 Fraudsters are targeting customers with convincing fake texts and phone calls Credit: BankofIrlenad According to Text messages and phone calls are the most common methods used by these criminals. Customers should be particularly alert for fraudulent texts that attempt to lure them into calling a fake 'bank' phoneline. This is where the account holder is then duped into transferring funds to their secondary account. Advertisement READ MORE IN MONEY Reports of the scam to Bank of Ireland's fraud line and Text Checker service have been on the increase since the start of the year. Daily reports are over 10 times the number of those reported weekly in April and May in this week alone. The The Bank has seen a tenfold increase in reports of this scam in just 24 hours. Advertisement Most read in Money Head of Fraud at Bank of Ireland, Nicola Sadlier said: "We have been seeing a concerning pattern in the increase of this type of fraud. "This week's escalation has resulted in the highest number of reports in a single day of this particular type of fraud, "So we need our customers and the general public to be vigilant and recognise the warning signs. "Our main advice is to look out for these texts and do not call back. Advertisement "And remember that Bank of Ireland will never ask you to move your money to another account to keep it safe." HOW DOES THE SCAM WORK? OVER the last 24 hours, Bank of Ireland have seen tenfold increase in reports of scams mainly involving the popular banking app, Revolut. But how do these scams work and what should customers watch out for? The texts claim to be from Bank of Ireland and can drop into the thread of a genuine BOI text. Callback numbers are usually landline numbers including 01 / 1800 / regional codes The callback number will be answered by someone claiming to be from Bank of Ireland, and that there has been suspicious transactions and the customer's account is compromised The victim is then asked if they have a Revolut / or other secondary account. If they say yes, they are told that they should move all the money in their BOI account into their own Revolut account/ or secondary account The fraudster doesn't ask for access to the customer's account, and do not ask for any security details like PIN's or codes – avoiding common 'red flags' associated with fraud The victim is then told they then need to move their money from their Revolut account to a new 'safe' account If any of the points listed above have happened to you there are two main things you can do. Screen shot the message you suspect to be fraud and send it to You can also call your trusted numbers, the phone number on the back of your physical card or from the phone contact details in your mobile app. Advertisement Meanwhile, a new crackdown is being launched in the Businesses unregistered with the telecoms regulator will see their mass-texts to customers slapped with 'scam likely' warnings from next month in a bid to crack down on More than 7,000 businesses and organisations that send en-masse messages have pre-registered with the The Commission for Communications Regulation, Comreg. But SMS messages from unregistered companies will be labelled 'scam likely', while Advertisement 4 Text messages and phone calls are the most common methods used by scammers Credit: GETTY
Irish Examiner
4 days ago
- Business
- Irish Examiner
BOI warns of surge in text scam tricking customers into transferring money to ‘safe accounts'
Some Bank of Ireland customers have been tricked into transferring money to bogus "safe accounts" in a sophisticated scam that has surged tenfold in 24 hours. Bank of Ireland is warning the public about the scam, which involves convincing texts and phone calls. A variation of wording is used in the texts. Among the texts reported to Bank of Ireland is one which advises the recipient that their 'card has been placed on hold due to recent activity.' It adds: 'To review and remove the hold, please contact us immediately at 019061952. REF:BOI7749'. The company said: 'Customers should be on particular alert for fraudulent texts that attempt to lure them into to calling a fake 'bank' phoneline – where the account holder is then duped into transferring funds to their secondary account, in most cases Revolut, and in turn a 'safe account', which is controlled by a fraudster. "Reports of the scam to Bank of Ireland's fraud line and Text Checker service have been on the increase since the start of the year and this week have shown an alarming increase, with daily reports this week over 10 times the number of those reported weekly in April and May.' The company outlined how the scam works: The customer receives a text message asking them to call a number about suspicious account activity. Messages appear to come from Bank of Ireland and may even appear in genuine BOI text threads. Examples include: 'Did you log in from a new device?', 'Do you recognise this transaction?', or 'A transaction for [amount] to [merchant] was declined and your card has been placed on hold' followed by 'If this was not you / if you don't recognise this / etc. please call us back on [callback phone number]. The message then urges the recipient to call back on a number—often a landline with an 01, 1800, or regional code. A fraudster answers the call, posing as a Bank of Ireland representative, and claims suspicious activity has been detected. The victim is asked if they have a Revolut or other secondary account. If they do, they're instructed to transfer all their funds to that account. The fraudster then tells them to move the money again—this time to a 'safe account', supposedly for protection. Notably, the fraudster does not request login details, PINs, or security codes—avoiding typical red flags for fraud. Nicola Sadlier, head of fraud, Bank of Ireland said: 'We have been seeing a concerning pattern in the increase of this type of fraud. "This week's escalation has resulted in the highest number of reports in a single day of this particular type of fraud, so we need our customers and the general public to be vigilant and recognise the warning signs. Our main advice is to look out for these texts and do not call back. And remember that Bank of Ireland will never ask you to move your money to another account to keep it safe. "If you think you have been a victim of fraud, call the bank's fraud team immediately on the 24/7 freephone line 1800 946 764'. Customers who receive suspicious messages are urged to email screenshots to 365security@ The bank also advises customers to use only trusted phone numbers—such as the number on the back of their card or within the official mobile app — to contact them. Read More Government will seek to make development of apartments more viable
RTÉ News
5 days ago
- Business
- RTÉ News
Contactless payments up, ATM transactions down
Analysis of Bank of Ireland customer behaviour during the first three months of this year shows that contactless payments rose while ATM usage was down compared to the same period in last year. eCommerce contactless transactions including digital wallets, Apple Pay and Google Pay, increased by 3%, with contactless 'tap and go' payments rising 1% compared to the first quarter of 2024. Over 3 million eCommerce and 'tap and go' contactless payments took place on 28 February, making it the busiest day during the first quarter. While contactless payment levels increased, the number of ATM transactions fell 11% compared with Q1 last year, partly driven by the busy Easter period not falling in the first quarter this year. The research found that biometric logins to the mobile banking app continue to grow in popularity, up 41% for Q1 compared to the same three months in 2024. It said that 12 million biometric logins were recorded in total during January, February, and March 2025, whilst logins via the traditional '3 of 6' PIN method fell by 10%. On Thursday, 27 March over 1.5 million digital banking logins were recorded across Bank of Ireland's iOS and Android mobile apps, the busiest day in Q1. Digital logins to the Mobile app increased by 1% for Q1 2025 from Q1 2024, despite Easter coming later this year - the busiest day in Q1 2024 was during Easter holidays on Holy Thursday. "While cash remains popular with many, it's clear that customers are embracing seamless and secure ways to manage their finances, with a shift towards digital-first banking behaviours," said BOI Chief Operating Officer Ciarán Coyle. "The continued growth in digital banking usage highlights the evolving preferences of many of our customers, who are increasingly choosing the speed, convenience, and security of our mobile banking and payment services."
Irish Independent
03-06-2025
- Business
- Irish Independent
Why do Irish banks offer such low deposit rates – and where should you park your cash instead?
Irish banks offering lacklustre deposit rates to Irish savers is nothing new. As of writing, the demand deposit rates offered by PTSB, BOI and AIB are 0.01pc, 0.10pc and 0.25pc respectively.
Business Times
25-05-2025
- Automotive
- Business Times
Thailand widens EV perks as Japan-China auto rivalry heats up
[BANGKOK] With Thailand's auto sales plunging by more than 25 per cent amid geopolitical headwinds and regional rivals nipping at its heels, Bangkok is racing to secure its status as South-east Asia's electric vehicle (EV) hub – rolling out broader tax incentives to keep both Chinese and Japanese carmakers onside. The Thai government recently sweetened the pot of tax and other incentives to cover all types of EVs, including hybrid EVs (HEVs), plug-in hybrid EVs (PHEVs), and mild hybrid EVs (MHEVs). Observers said the latest policy enhancement that cover a wide range of electric and hybrid vehicles – known as xEV – is intended in part to placate non-Chinese players in the market, particularly Japan's auto giants. Thailand Board of Investment (BOI) has been aggressively promoting battery EVs (BEVs) since 2022 with some success. Influx of Chinese BEVs Chinese auto brands such as Aion, BYD, Changan, Chery, Foton, Great Wall, Neta and MG (owned by SAIC Motor – a Chinese joint venture with Thailand's Charoen Pokphand Group) have already set up plants in Thailand. But the influx of Chinese BEVs has rattled Japanese carmakers – including Toyota, Honda, Nissan, Mazda and Mitsubishi – which have long dominated Thailand's car market with more than 90 per cent share. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'For the past four years, the government has mainly pushed BEVs. So many Chinese companies came to Thailand, and the existing players were not pleased with that, especially the Japanese,' said Kunat Tharasrisuthi, an analyst at Global Data, an international market research company. 'That's why (the government) had to make some changes,' he added. New tax incentives Last December, Thailand's National EV Board, chaired by Prime Minister Paetongtarn Shinawatra, announced a new package of tax incentives and regulations to promote more local production of HEVs, PHEVs and MHEVs. The package was recently approved by the Cabinet and will go into effect in early 2026. 'This policy is to make sure that Thailand would be a production hub of xEV for the world,' said BOI secretary-general Narit Therdsteerasukdi. 'We tailor-made the incentive package according to the different characteristics and demands of each (EV) segment,' he added. BOI secretary-general Narit Therdsteerasukdi says the government wants to make sure that 'Thailand would be a production hub of xEV for the world'. PHOTO: PETER JANSSEN, BT While the Japanese carmakers have lagged behind their Chinese counterparts in innovating cutting edge BEV technology, they have been more successful in launching HEV and PHEV models, which rely partly on traditional internal combustion engine (ICE) technology. Japanese auto executives tend to justify this slow path to BEVs by citing customer preferences. 'Currently demand for hybrids is bigger, much bigger than demand for BEVs, so we are focused on hybrids,' said Noriaki Yamashita, president of Toyota Motors/Thailand. 'As BEV demand increases, we will focus on BEVs,' he told The Business Times. In 2024, Thailand's car sales reached 572,675 units, down 26 per cent year on year. HEVs accounted for 21 per cent of total sales, BEVs accounted for 13 per cent and PHEVs for 2 per cent, according to Toyota Motors Research. While BEVs sales slowed in 2024, that was partly because they jumped 320 per cent year on year in 2023, as new Chinese models came on the market at prices considerably below their Japanese ICE rivals. BEVs accounted for between 70,000 and 73,000 units in 2024 to 2025. Thailand's effort to promote itself as an EV production hub follows similar model-focused tax incentive policies of the past. The kingdom's first champion model was the one-tonne pickup – the most popular vehicle on the Thai market (usually 50 per cent of sales) which has lured all the main Japanese pickup manufacturers such as Toyota, Isuzu, Nissan, Mitsubishi and Mazda to relocate their factories to Thailand, for the domestic and export markets. Thereafter, the BOI promoted local manufacturing of the 'eco cars', small passenger cars with petrol-efficient engines and low carbon emissions. Localisation efforts While providing promotional privileges to local manufacturers of pickups and eco cars, the government also put in place localisation requirements, to build up Thailand's domestic supply chain (there are over 2,000 auto parts suppliers). Japanese pickups manufactured in Thailand now use about 92 per cent locally sourced parts and components, and 88 per cent for eco car models. But as Thailand now pushes for localisation of the supply chain for xEVs, it is likely to face stiffer competition from Thailand's regional rivals such as Indonesia and Malaysia, which are also pushing for EV hub status and enjoy more dynamic domestic markets. 'We think in the short-term Thailand is likely to maintain its status as the leading automotive hub in South-east Asia, but it is facing challenges from other countries in the longer-term horizon, for example Indonesia,' said Claire Yuan, an automotive industry analyst at S&P Global Ratings. Thailand's domestic market for cars has dropped from one million per annum, prior to the Covid-19 pandemic, to around 570,000 units per annum during 2024/2025. Domestic production of automobiles (for both the domestic and export markets) has dropped from two million pre-Covid to about 1.5 million, expected in 2025. Car sales in Indonesia's domestic market last year reached about 900,000 units. Thailand's past policies of promoting pickup and eco-car production were backed by a robust domestic sales market, together with healthy exports, but the current situation of slow domestic sales in most categories could hinder xEV localisation efforts, executives warned. 'It is clear that you have to establish your production footprint where you have a sizeable domestic market,' said Martin Schwenk, president of Mercedes-Benz (Thailand). 'That is the core strategy for everyone. In Thailand, with the domestic market under pressure, it makes it very hard to localise at a high level here and to export from here.'
