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Irish Independent
a day ago
- Business
- Irish Independent
300pc rise in Irish phone scam payments, says AIB
The bank says that the value of fraudulent payments has tripled in the first half of this year as waves of scam texts, known as 'smishing' and scam calls, called 'vishing', hit Irish phones. The number of people falling victim to such scams has also risen, by 6pc. The surge comes just as the phone industry is about to clamp down on scam texts in Ireland, with a new industry-wide, regulatory initiative set to mark unregistered calls as 'likely scam' when they arrive in Irish text message inboxes. AIB said that the top five phone scams are text message fraud, 'safe account' scams — where criminals pose as bank clerks — investment scams on websites, holiday scams and purchasing scams. 'Where customers are scammed, AIB deals sympathetically with them on a case-by-case basis,' said Mary McHale, AIB's head of financial crime. Research from Ireland's telecoms regulator, Comreg, found about 365,000 cases of fraud per year as a result of scam calls and texts in Ireland, with 89 million 'annoying or irritating' communications because of it. It also estimates that around 5,000 businesses per annum are the victim of fraud after receiving scam calls and texts and that the annual cost of scam texts is €115m each year, rising to €300m per year when scam calls are counted. Comreg says that it is still waiting for legislation from the government that's needed to apply SMS 'filter' technology that could help in reducing private SMS text scamming. However, more than 7,000 businesses and organisations that use mass-texting services have pre-registered with the telecoms regulator as part of a crackdown on SMS scam by Comreg. From July 3rd, companies that use mass-texting services and that haven't registered with the telecoms regulator will see their SMS texts to customers labelled as 'likely scam'. From October, such texts will be blocked altogether. The regulator's SMS Sender ID registry system is aimed at those who use 'Sender ID' to attach a name to a mobile number, such as Bank Of Ireland or Amazon or An Post. At present, scammers can fairly easily 'spoof' these names, which is why irish people get so many texts which appear to be from legitimate businesses and utilities but are not. In the worst cases, the spoofed SMS messages even appear in existing customer interaction conversations with the legitimate business. The new system is designed to eliminate this kind of 'spoofing', so that from October, Irish consumers won't receive fraudulent SMS text messages of this type. Comreg said that it is the mobile network operators that will ultimately block the texts, as they will have access to the register of legitimate Sender ID companies. Comreg says that any companies or organisations that haven't registered should do so now, to avoid their SMS messages being labelled or blocked. However, the new initiative won't apply to regular, private SMS numbers, meaning that a scammer who simply buys a sim card and sends out bulk SMS messages won't be affected. According to AIB's report, the following categories represent the top five phone-related scams. 1. Text Message Fraud 'Text message fraud, also known as SMS phishing or smishing, continues to be a major threat and the crime that's most commonly perpetrated by fraudsters. Scammers send convincing messages that appear to be from reputable sources, such as banks, delivery companies or Government agencies, tricking recipients into providing personal information or clicking on malicious links. Our advice is to never click a link in an unexpected text message or call the number provided. If in doubt contact the sender on a known and trusted number to verify its legitimacy. You should never provide log in details, security details such as one time passcodes, card reader codes or selfies.' 2. Safe Account Scams 'Safe account scams involve fraudsters posing as bank officials who call and inform victims that their accounts have been compromised. They then persuade victims to transfer their funds to a 'safe' account for protection, which is often their own account, and often in other financial institutions. The funds can then be moved onto a mule account. These safe accounts are, in fact, controlled by the scammers, resulting in the victims losing all transferred funds. We will never call you and ask you to move your money to a new account for safe keeping. If you receive a call like this, hang up immediately.' 3. Investment Scams 'Investment scams have surged in 2025, with perpetrators offering lucrative returns on fake investment opportunities. These scams often target individuals seeking to grow their savings quickly, using convincing pitches and professional-looking websites. Victims invest substantial amounts of money, only to realise later that the promised returns are non-existent and their funds have been stolen. Always ask yourself, is this too good to be true?' 4. Holiday Scams 'As we come into peak travel season, we have also seen a rise in holiday scams. Scammers create fake travel websites and offers, luring victims with attractive deals on flights and accommodation. Once payments are made, victims discover that their bookings are fraudulent and their dream holidays are ruined. These scams not only cause financial loss but also lead to immense disappointment and frustration. Always book your holidays through reputable providers, research accommodation to ensure it actually exists and don't part with your money unless you are fully satisfied. These scams aren't just advertising foreign holidays, but Irish ones too.' 5. Purchase Scams 'Shopping online can be convenient, but it also comes with several risks. One of the main concerns is the possibility of encountering fraudulent websites or sellers who may take your money without delivering the promised goods. Additionally, there's the risk of your personal and financial information being stolen through phishing scams or insecure websites, leading to identity theft and financial loss. Another threat is the potential for receiving counterfeit or substandard products, which can be disappointing and harmful. To mitigate these risks, it's essential to shop from reputable websites, use secure payment methods, and stay vigilant for any signs of suspicious activity. Always ask yourself, is this price too good to be true?'
Irish Times
17-06-2025
- Business
- Irish Times
Global markets fall as Israel-Iran conflict weighs on investor confidence
Global markets fell on Tuesday as Israel's conflict with Iran weighed on investor confidence. Dublin Euronext Dublin underperformed peers as it finished down 1.9 per cent on the back of some weakness in its bigger hitters. Speaking to reporters on Air Force One, US president Donald Trump said pharmaceutical tariffs are coming 'very soon', which one trader suggested may have been a drag on the overall index. Bank of Ireland was down 3.5 per cent at close of business, while AIB traded about 3 per cent below its placing price after Minster for Finance Paschal Donohoe moved to sell taxpayers' remaining stake of about 2 per cent in the bank. READ MORE 'A lot of people were asking about that, and there had been an initial expectation the stock would trade better, but, unfortunately, given markets and banking stocks in general, that wasn't to be,' the trader said. Housebuilders were also weaker, with Glenveagh Properties and Cairn Homes down 1.5 per cent and 3 per cent respectively. 'That was in the context of UK housebuilders being weaker also, all down about 1-2 per cent,' the trader noted. Ryanair was an outperformer among airlines despite finishing down 1.5 per cent. EasyJet was down nearly 3 per cent, while Aer Lingus parent International Airlines Group was down 4 per cent. A trader linked the dip to rising oil prices due to the conflict in the Middle East. Elsewhere, Cavan-based insulation specialist Kingspan finished the day down 3.5 per cent. 'There was a decent bit of volume in that, and there is a seller around, so that's putting pressure on that one,' the trader said. London British equities ended lower in a broad-based sell-off, with hostilities between Israel and Iran weighing on market sentiment and focus on a slate of rate decisions from central banks including the Bank of England this week. The blue-chip FTSE 100 index closed 0.4 per cent lower, with more than 70 per cent of its components clocking losses – though the index was still just a whisker away from its all-time highs. Heavyweight banks bore the brunt of the selling pressure, with top lenders HSBC, Standard Chartered and Barclays each down more than 1 per cent. Heavyweight energy gained 1.5 per cent with oil prices ticking higher due to tensions in the Middle East. BP and Shell added more than 1 per cent each as the top gainers on the blue-chip. British midcaps fell 0.2 per cent. A standout was construction company Morgan Sindall which jumped 14.6 per cent after saying it expects annual pretax profit to be significantly ahead of previous expectations. Europe Euro zone government bond yields edged up on, again impacted by high levels of uncertainty over the conflict in the Middle East. German 10-year yields, which serve as the benchmark for the euro area, rose 0.5 basis points to 2.54 per cent. Two-year Schatz yields climbed 2 basis points to 1.86 per cent. Among the markets, the Cac 40 in Paris closed down 0.8 per cent, while the Dax 40 in Frankfurt gave up 1.1 per cent. The Stoxx Europe 600 fell 0.9 per cent. New York Wall Street indexes edged lower as Israel and Iran's air war, which began on Friday when Israel attacked Iran's nuclear facilities, raised concerns the conflict could create bottlenecks for oil exports from the oil-rich Middle East. US energy stocks rose as oil prices remained elevated on the uncertainty. Chevron was up 2.1 per cent and Exxon advanced 1.5 per cent. The surge in oil prices comes ahead of the Fed's monetary policy decision on Wednesday, when policymakers are widely expected to keep interest rates unchanged. Ten of the 11 major S&P 500 subsectors fell. Healthcare stocks dropped the most, with a nearly 1 per cent decline. On the flip side, energy stocks gained 1.2 per cent. – Additional reporting: Agencies
Irish Times
11-06-2025
- Business
- Irish Times
Irish homebuilding shares leap following rent reform news
European shares closed in the red as early gains motivated by better than expected inflation reports were evaporated by US-China trade talks that offered less detail than expected. The pan-European Stoxx 600 index lost 0.3 per cent, remaining 2 per cent shy of its all-time high in February. DUBLIN The Iseq All-Share index ended the session down 0.02 per cent at 11,716.64. READ MORE Dalata, the owner of the Maldron and Clayton Hotel brands, had a good day, rising 0.79 per cent to €6.38. Last week, the board of Dalata Hotel Group rejected a €1.3 billion bid from the Nordic Pandox consortium , which had tabled a €6.05 a share, non-binding cash offer. Home builders tried to keep the index positive following the announcement of a rewrite of rental regulations, which will allow exemptions from existing rental rules for new tenancies and new-build apartments. Cairn Homes shot up 3.18 per cent to €2.27, Glenveagh Properties added 1.22 per cent to its share price to reach €1.83, and insulation specialist Kingspan Group jumped 0.32 per cent to €77.8. Ires Reit fell among the group, dropping 0.37 per cent to €1.08. The banking sector had a mixed day. Permanent TSB rose 1.37 per cent to €1.86, Bank of Ireland marginally rose 0.16 per cent while AIB declined 0.29 per cent. LONDON The benchmark FTSE 100 closed 0.1 per cent higher, sitting about 45 points away from its all-time highs. The mid-cap FTSE 250 also ended 0.2 per cent higher. Setting out day-to-day budgets for Government departments from 2026 to 2029 and investment plans out to 2030, British finance minister Rachel Reeves prioritised spending on health, defence and infrastructure projects to drive economic growth. An index for aerospace and defence shares closed 0.7 per cent higher. Reeves also announced an additional £10 billion investment to build thousands more homes in England. Home builders and household goods stocks gained 1.5 per cent. On the downside, industrial metal miners slipped 1 per cent tracking falling copper prices. Ibstock sank 15.6 per cent to the bottom of the FTSE 250 after the bricks and concrete producer issued a warning of a hit to its adjusted Ebitda outlook for 2025. Ricardo shares jumped 27.8 per cent after Canada-based WSP Global said it would acquire the British environmental and engineering consulting firm. EUROPE The European benchmark closed 0.3 per cent lower – it's third straight day of losses. The pan-European STOXX 600 had risen following a cooler-than-expected US inflation report that eased tariff-related concerns and bolstered hopes for the Federal Reserve to cut rates. The biggest catalysts for European markets are increased defence spending and the European Central Bank cutting borrowing costs. However, ECB officials have indicated that the easing cycle will come to an end. Traders are pricing in just one more rate cut by the tail-end of this year. On the markets side, retailers led the decline, sinking 1.7 per cent due to a 4.4 per cent drop in Inditex after the Zara owner missed first-quarter sales forecasts. NEW YORK The S&P 500 and Nasdaq were trading near record levels in mid afternoon trading, with the S&P 500 about near all-time highs touched in February, and the Nasdaq just below its record peaks reached in December. Data showed consumer prices increased only marginally in May, but inflation is expected to accelerate in the coming months due to the Trump administration's import tariffs. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. A day after officials from Washington and Beijing agreed on a framework to put their tariff truce back on track, President Donald Trump said the US deal with China was done, with Beijing to supply magnets and rare earth minerals. Tesla advanced as signs of a thaw in hostilities between CEO Elon Musk and Trump emerged following an abrupt rift that had roiled the electric-vehicle maker's shares. Shares of video game retailer GameStop fell after it reported a decline in first-quarter revenue. Intel shares fell, after gaining 7.8 per cent in the previous session. – Additional reporting: Reuters, PA.
Irish Times
11-06-2025
- Business
- Irish Times
Consumer spending remains strong despite global uncertainty
Irish consumers are continuing to spend despite global uncertainty and the enduring cost-of-living crisis, according to the latest spending report from Bank of Ireland. It suggests that debit and credit card spending rose by 6.5 per cent year-on-year, with consumer activity significantly outpacing the current 2 per cent rate of consumer price inflation. The data suggest that household spending remains a key driver of economic momentum, with no evidence of a slowdown in expenditure, even in categories typically sensitive to economic sentiment. Retail spending increased by 3.6 per cent, reflecting steady demand for goods including clothing, groceries and household items. READ MORE Spending on services rose by 3.7 per cent, supported by continued demand for personal care, transport, and professional services. Social spending surged by 6.4 per cent, with spending in restaurants climbing by 6.3 per cent, well above the 3.4 per cent inflation rate for this category. [ Retail sales increase as consumers enjoy real wage hike Opens in new window ] Accommodation spending also rose by 5.6 per cent, with prices in this segment remaining broadly stable. There was no sign of a decline in spending on big-ticket items such as furniture, electrical goods, airline fares, or holidays – areas that often see early cuts when consumer confidence wanes. While Irish consumer confidence dipped to two-year lows in April, according to the European Commission survey, sentiment rebounded somewhat in May. How to manage your pension in these volatile times Listen | 37:00 The decline in confidence was largely confined to concerns about the broader economic outlook. In contrast, consumer expectations regarding their intentions to make big purchases remained more resilient. Bank of Ireland said that the divergence suggests that while Irish households are aware of global risks, they are not allowing these concerns to significantly influence their day-to-day or long-term spending decisions. 'The 6.5 per cent rise in card spending in May reflects a resilient economy and a willingness to continue making key purchases,' said Bank of Ireland chief economist Conall Mac Coille 'This broad-based growth across sectors highlights the strength and stability of household consumption, even in the face of international uncertainty.' Separately, the latest Dublin Economic Monitor from the four Dublin local authorities shows 'a stable but cautious economy' being driven by growth in employment, retail spend and private sector activity, despite broader economic uncertainty. The Dublin S&P Global Purchasing Managers' Index (PMI) showed that business activity in the capital's private sector increased in the first quarter of 2025, while the city's unemployment rate fell to 4.3 per cent. According to Mastercard data, retail spending in the Dublin economy remained broadly stable in the first quarter of the year with a modest 0.2 per cent quarter-on-quarter increase recorded in the first three months of the year. In the residential sector, the pipeline of new housing supply in Dublin continued to fall sharply, however.
Irish Times
10-06-2025
- Business
- Irish Times
Move now or wait: First-time buyer and fixed mortgage rates
My partner and I are sale agreed on our first home . We have been quoted a four-year fixed mortgage at 3.2 per cent by Bank of Ireland. This is the best rate currently available to us but I am aware that market expectations are that the ECB will reduce rates further. Should we slow the process down in the hope that rates will soon fall, and so secure a lower rate? Will Bank of Ireland reprice fixed-rate mortgages quickly, or are they likely to delay updating? Securing a slightly lower rate could save us thousands over the fixed period, which would be of great benefit to us. Separately, the vendors are trying to give themselves a long runway to secure their new home via clauses in the contract. We are living with our parents, so aren't in a huge rush. We are keen to ensure the process continues in earnest, and are aware that the longer it takes to close the sale, the greater the chance of issues arising. How should we approach negotiations? Mr D.C. READ MORE With the European Central Bank (ECB) having cut interest rates again last week – for the eighth time since June of last year – your query is timely. Interest rates are now a full two percentage points lower than at this time last year and a full 1.25 percentage points lower than last November when Bank of Ireland last cut its fixed mortgage rates. However, in fairness, that cut was made in anticipation of future ECB cuts as well as purely market competition purposes as it was keen not to let rival AIB get too far ahead of it with a rate that would be more attractive to customers. As it stands, Bank of Ireland headline four-year fix is available from a headline interest rate of as little as 3.1 per cent compared to the ECB lending rate of 2.15 per cent. On the more relevant APR basis, that comes out as 3.8 per cent. It is pretty competitive and, with the ECB clearly flagging that it is minded to pause interest rate cuts for now, there might not be much incentive for any of the big banks to be cutting rates in a hurry. Yes, there is talk of one further quarter point cut in ECB rates still being likely this year but that could be it for a while and there is no guarantee banks would respond to it anyway – outside of legacy trackers where they have no choice. Even if they were to, could I give you any accurate assessment of the timing of any cut? Not really. Especially given the great uncertainties in the economy right now, my guess is that no one is going to be acting in haste but that is purely a guess. How to manage your pension in these volatile times Listen | 37:00 I'm conscious that when you start out with your first home – and your first mortgage – every penny tends to count, but I think you need to decide if you are happy with the rate and feel it is affordable for you. Assuming you are, budget for it and do not look back in regret. At least you will have the security of knowing that there can be no unpleasant upward shock in payments over the next four years. There is certainly nothing in the economy that suggests any of the banks will be cutting rates substantially further. On your second point, I think again that you need to be clear about what suits you and also, as you mention yourself, the risks involved. Letting the vendors delay on closing may look like a win-win. You're safely accommodated in your parents' home without the financial pressure of mortgage repayments and the vendors haven't locked in on the property they expect to move to. However, there is no guarantee they will find somewhere or when. And your mortgage approval is only valid for so long. Go beyond that and you could find yourself going through the whole rigmarole again, in what could be a more uncertain economic environment where banks are even more risk-averse. And while a well-worded contract should cover all loopholes, I have seen too many property buyers gazumped or, alternatively, stranded because the sellers have changed their minds to be entirely confident. Personally, if you have found the home you want to buy and have your finances in place and an offer accepted, I'd be happier with my solicitor pushing for an earlier closing date than letting it drag. Yes, there is a risk the vendors could simply refuse and walk away, but that could happen anyway and at least you'd know where you stand. Sisters and their mum's home Last week, a reader's mother was planning to leave her home to herself and her sister, who already lives in the home, raising concerns for her about access to her inheritance without making the sister homeless. In the piece, I focused on the tax-free threshold for either sister but, of course, the sister living in the property can avail of dwelling house relief, which means she at least will face no tax bill regardless of the value of the property or how much of it she inherits. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street Dublin 2, or by email to with a contact phone number. This column is a reader service and is not intended to replace professional advice
