Between 2024 and 2026 the SMEs Irish companies recorded losses close to €18.9 million due to email-related fraud, according to figures published by FraudSMART, the initiative promoted by the Banking & Payments Federation Ireland (BPFI). The average loss per affected company is... €22,000, And the report indicates that, during that period, the victims suffered almost €1 million per month.
Key findings
The study reveals that the 67% of the SMEs They have been targeted by scams in the last 12 months and the 53% lacks specific anti-fraud protocols or training, according to FraudSMART (BPFI). In addition to the average losses per company, researchers identify the most frequent methods as invoice redirection and CEO impersonation.
For Niamh Davenport, head of financial crime in BPFI, The scale of these email campaigns against SMEs is, at the very least, alarming, he told The Irish Times.
How scammers operate and their common methods
The most frequent pattern in the report involves sending a message that appears to be from a known supplier requesting updated bank details. “When a legitimate invoice is subsequently issued, the company ends up paying the 'new account' controlled by the scammer,‘ the report explained. Niamh Davenport.
Criminals often combine emails with calls or text messages to heighten the sense of urgency and create an appearance of legitimacy. Impersonations of high-ranking officials who order payments or request sensitive data are also common.
Practical measures and steps to follow for companies
Neil McDonnell, from ISME, He pointed out that preventing this type of fraud "doesn't have to be complicated" and recommended simple measures: verifying any changes to bank details with the provider using contacts already on file, establishing double approval for large payments, and training staff to identify signs of fraud.
The report also highlights that companies receiving urgent requests conduct independent checks, reducing the likelihood of losses. Implementing routine controls and clear payment procedures can significantly reduce SMEs' exposure.
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