A new fraud prevention bureau has been launched in an effort to cut down the level of fraudulent financial transactions.
The Irish Fraud Bureau is a collaboration between the financial institutions and consumer credit information provider BusinessPro. Its system will allow members to exchange information on financial crimes that their own systems uncover, including identity theft and credit card fraud.
If a financial fraud has been detected using a particular address, the system will generate an alert that warns members to seek further information and validation before issuing any credit or account to the applicant.
Consumers can also take put a protective registration with the IFB if they feel that they could fall victim to identity theft.
The new brueau was launched by the Minister for Justice, Brian Lenihan, who welcomed its establishment. "Financial crime is not a victimless crime," he said. "It is unacceptable in whatever form it takes."
He warned that Ireland's increased wealth had made it a more prominent target for fraudsters, and welcomed the increased capacity to fight it that the IFB would bring.