Sinn Féin spokesperson on Finance, Pearse Doherty TD, has welcomed proposals brought forward by the Communications Regulator to combat scam calls and texts that cost the economy and society an estimated €300 million per year.
Teachta Doherty called for other agencies to tackle the rising threat of financial fraud and scams with the same urgency and ambition, and for the Government to address fraud with an urgency that has been severely lacking.
The Donegal TD said:
“Citizens are increasingly concerned by the rise of financial fraud and scams.
“ComReg estimates that there were 365,000 cases of financial loss over the last 12 months through fraudulent calls and text messages.
“The regulator estimates the total harm caused to consumers and businesses is more than €300 million per year.
“ComReg’s proposals published on Friday are a welcome and significant intervention in tackling the rise of fraudulent calls and text messages.
“Among the proposals are plans for operators to block calls from spoof numbers, blocking calls from phone numbers that have not been assigned by ComReg and the creation of an SMS Scam Filter.
“These are welcome measures that would protect consumers and businesses from nuisance calls and texts while reducing financial loss to fraud.
“For too long mobile and telephone operators have shirked their responsibilities in protecting consumers who are targeted and defrauded through their networks.
“It is essential that these timely interventions are implemented.
“ComReg’s proposals present an opportunity for other agencies and sectors to tackle this growing threat with the same urgency and ambition.
“We know that citizens are also targeted by criminals and defrauded via online platforms such as Google and Facebook through fraudulent ads and communications by fraudsters.
“Action must be taken to ensure search engines and social media companies are taking appropriate action to remove and screen this fraudulent content.
“For too long the Government have failed to address the rise in financial fraud and scams.
“We are still without a multi-annual strategy to tackle fraud and scams, despite the fact it was a key recommendation of the Hamilton Report in December 2020 – more than two years ago.
“And despite repeated calls from the banking sector, we still do not have the legislation in place for the creation of a Shared Information Database to tackle fraud.
“While ComReg’s proposed interventions to protect consumers and businesses from fraud are welcome, much more is still to be done.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has described comments made by Taoiseach Leo Varadkar as "completely out-of-touch from the acute financial pressure so many households face, as mortgage interest rates continue to rise".
The Donegal TD again reiterated his party’s call for the introduction of temporary and targeted mortgage interest relief to support struggling households.
Speaking today, Teachta Doherty said:
“Comments made by the Taoiseach today are disappointing but unsurprising.
“Remember, this is the Taoiseach who facilitated the sale of tens of thousands of mortgage loans to vulture funds.
“This is the Taoiseach who said these households would be no worse off once their loans were sold to vulture funds.
“These households are now facing interest rates as high as 8 percent, seeing their annual mortgage costs rise by thousands of euros.
“He was wrong then and he is wrong now.
“It is clear the Taoiseach has his head in the sand – completely out-of-touch from the acute financial pressure hundreds of thousands of households are now facing.
“We have been contacted by households that are seeing their mortgage rise by more than €8,000.
“The Taoiseach has described this as normal.
“Households are facing these interest rate hikes while in the grip of the worst cost of living crisis in a generation, with rising food prices and spiralling energy bills.
“The Taoiseach has failed to bring forward any ideas or policies to address the difficulties these households are facing.
“He has brought forward no proposals to address the difficulties faced by households whose loans were sold to vulture funds – sales that he supported.
“Households can and should be supported.
“Temporary and targeted mortgage interest relief should be introduced without delay.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has criticised Google, Facebook, Amazon and Twitter for refusing to come before the Finance Committee to discuss the growing threat of scams and financial fraud.
Speaking today, Teachta Doherty said social media and tech giants had a responsibility to come before the Committee to discuss growth of scams and fraudulent ads that take place across their platforms.
The Donegal TD said:
“Last month the Finance Committee invited Google, Facebook, Amazon and Twitter to come before the Committee today.
“This was as a part of the Committee’s series of engagements on financial fraud and scams.
“All four refused to come before the Committee. This is disappointing and unacceptable.
“We have seen a massive increase in fraud and scams in recent years, robbing citizens of millions of euros every year.
“It is a fact that many victims are targeted online, through these companies very platforms, including through fraudulent websites and advertisements.
“That Google, Facebook, Amazon and Twitter declined to come before the Committee is a troubling sign of their commitment to tackling scams and fraud that originate on their own platforms.
“It is notable that Google, Facebook and Amazon all gave evidence before the British Treasury Committee on this very issue in September 2021.
“The Dáil Committee and Irish citizens victim to or concerned about the growing threat of fraud and scams should be afforded the same respect.
“Today the Committee unanimously agreed to reinvite Google, Facebook, Amazon and Twitter to appear before the Committee in the coming weeks.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the banking sector to bring forward credible proposals to assist homeowners affected by defective blocks.
Speaking today, Teachta Doherty said:
“Victims of the defective block scandal have been let down by the redress scheme brought forward by the Government.
“Many face significant funding shortfalls in their efforts to rebuild their homes and lives.
“Homeowners also face rising mortgage costs on properties that are crumbling, and in some cases, already demolished.
“This situation is simply not sustainable.
“I have engaged extensively with the Banking and Payments Federation, retail banks, the Central Bank and Minister for Finance on this issue.
“I have underlined the need for bespoke arrangements to be put in place to assist homeowners with rising mortgage costs and to address finance shortfalls including the provision of bridging finance.
“Banks must intensify work in this area in consultation with homeowners so that these issues can be addressed.
“It is in the interest of banks that these homes are remediated, and their asset values restored.
“It is imperative that these homeowners are assisted without delay.
“The Finance Committee have invited the Banking and Insurance Redress Focus Group to come before it in the coming weeks, on my recommendation, to give voice to the challenges they are facing on the ground.
“It is time for the banks to grasp the severity of this issue and bring forward a credible solution without delay.”
Sinn Féin spokesperson on Finance Pearse Doherty has responded to figures released to him by the Department of Justice showing a massive increase in financial fraud and scams.
Deputy Doherty called for the Government to bring forward a multi-annual plan to tackle economic crime and fraud as citizens feel increasingly vulnerable to the criminal actions of fraudsters.
Speaking this morning, Teachta Doherty said:
“Figures released to me by the Department of Justice show an alarming and massive increase in financial fraud and scams across the State.
“Since 2019, instances of investment fraud have risen by 258 percent.
“Account Takeover Fraud has increased by a staggering 560 percent.
“Romance fraud has risen by 83 percent while scams through phishing, smishing and vishing have increased by 417 percent.
“Citizens are being robbed of millions of euros each year by fraudsters.
“In December 2020, the Hamilton Report recommended the development of a multi-annual strategy to combat economic crime - two and half years later, the Government is yet to publish a multi-annual plan to tackle economic crime and fraud. This is not acceptable.
“Banks and An Garda Síochána still do not have a Shared Fraud Database to tackle fraud and protect consumers – this is despite banks repeatedly calling for it to be established.
“Government inaction is leaving citizens exposed, with the Banking and Payments Federation warning that the State risks becoming a destination of choice for fraudsters as it falls further behind in addressing fraud.
“These scams are also being advertised online, on social media, by email and text message.
“Online platforms and social media companies are not doing enough to tackle fraudulent content or the targeting of victims through their channels.
“It is time to consider whether these online platforms should compensate victims when they are targeted through their channels.
“We also know that payment systems providers are not required to compensate victims of these types of fraud and scams – something that will soon be required in the North.
“Banks have no system to cross-check the name of the person victims send their money to against the account of the fraudster – an effective system to reduce fraud that operates in the Netherlands and Britain.
“Consideration should be given to these measures to increase payment security and protect citizens from fraud and scams.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called for the Government to introduce temporary and targeted mortgage interest relief, as mortgage-holders continue to struggle with rising interest rates.
The Donegal TD also called on the Central Bank to step up supervision of banks and vulture funds to ensure that alternative repayment arrangements and solutions are offered to those in financial difficulty as a result of rising costs.
Speaking today, Teachta Doherty said:
“I welcome the joint initiative by MABS and the Banking and Payments Federation to encourage households facing rising mortgage costs to engage with banks and lenders.
“As a result of rising mortgage costs and interest rates, many people are under serious financial pressure.
“The Central Bank estimates that a quarter of households have seen their annual mortgage costs rise by more than €4,800 – this was before the most recent interest rate hike by the ECB in May.
“For any household, this is a significant income shock.
“As MABS recently warned, these interest rate hikes are having ‘disastrous effects’.
“While we welcome this joint initiative, there is an onus on banks and vulture funds to engage with borrowers and offer affordable solutions to those in difficulty.
“We have anecdotal evidence of vulture funds failing to engage with mortgage-holders, including those in pre-arrears.
“Let’s be clear – banks and vulture funds have obligations under the Code of Conduct to engage with borrowers who are at risk or concerned about going into arrears.
“The Central Bank must step up its supervision to ensure banks and vulture funds are honouring these obligations.
“There is also a responsibility on the State to support households struggling with these rising costs.
“Sinn Féin has proposed the introduction of temporary and targeted mortgage interest relief to support struggling households with the rise in their mortgage costs as a result of interest rate hikes.
“It is time to introduce this targeted and temporary support without delay.”
Sinn Féin spokesperson on Finance Pearse Doherty TD has said that the government’s failure to bring forward a Multi-Annual Strategy to Combat Economic Crime and fraud is leaving consumers increasingly vulnerable to financial crime and fraud.
Speaking following a Finance Committee hearing, Deputy Doherty called for policy interventions to protect consumers against the rise in scams and fraud.
Teachta Doherty said:
“Financial fraud and scams continue to rise, with citizens being robbed of millions of euros each year by fraudsters.
“More than two years after the Hamilton Report, the government still do not have a multi-annual plan to tackle economic crime and fraud.
“Banks and An Garda Síochána still do not have a Shared Fraud Database that would allow industry to tackle fraudsters and protect consumers, despite banks repeatedly calling for it to be established.
“I requested that the Finance Committee undertake a series of hearings on the issue of Authorised Push Payment Fraud, with the first taking place today.
“Inaction from government is leaving customers increasingly exposed, with the Banking and Payments Federation today warning that the State is at risk of becoming a destination of choice for fraudsters as it falls further behind in addressing fraud.
“These scams are also being advertised online, on social media, by e-mail and text message.
“It is clear that online platforms and social media companies are not doing enough to tackle fraudulent content and the targeting of victims through their channels.
“It is time to consider whether these online platforms should compensate victims where they are targeted through their channels.
“We also know that payment service providers are not required to compensate victims of authorised push payment fraud - something that will soon be required in the North.
“And banks have no system to cross-check the name of the person victims send their money to against the account of the fraudster - an effective system to reduce fraud that is in place in the Netherlands and Britain.
“It is clear that the hovernment is failing to address the rise in fraud with the seriousness this growing crime demands.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has said that Government has left households exposed to rip-off electricity bills as wholesale prices continue to fall.
The Donegal TD was speaking as figures released by the CSO show that wholesale electricity prices have fallen by 57 percent since March 2022 while household bills have soared by 63 percent.
Speaking today, Teachta Doherty said:
“Workers and families have seen the price of electricity soar in the past year.
“The massive increase in energy costs has squeezed the income of Irish households with many forced into financial distress.
“Figures released today by the CSO show that the wholesale price of electricity has fallen by 14 percent in the past month, and by 57 percent since March of last year.
“Yet since March of last year, household electricity prices have increased by 63 percent.
“Let’s be clear – households are being price-gouged while wholesale prices fall.
“The Government have allowed this rip-off to continue by failing to reduce and cap electricity prices.
“This action has been taken across Europe – in Germany, France, the Netherlands, Austria and elsewhere.
“Despite Government spin, tackling rip-off electricity prices has been a priority across Europe.
“But as a result of Government inaction, Irish households continue to struggle under soaring costs.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has said that the A5 public inquiry is an opportunity for people and communities to voice their support for the A5 upgrade.
The Donegal TD was speaking after he attending the public inquiry which opened in Omagh today.
Teachta Doherty said:
“This morning I attended the A5 public inquiry which opened in Omagh.
“This is an important opportunity for people and communities to voice their support for this critical project.
“As I said to the Minister for Finance in the Dáil on Thursday, the A5 upgrade is critical to prevent further lives from being lost on this road.
“Too many families have lost loves ones on this dangerous road. Its upgrade cannot be delayed any longer.
“It will also unlock economic opportunities for the North West region – reducing journey times, increasing connectivity and acting as a spur for further jobs and investment.
“The project has been beset by delay after delay – it is now time to deliver this infrastructure project for this region and its communities.
“I would urge local businesses and residents to attend the inquiry and make their views and support heard.
“And as I said to the Government last week, it is time that the Irish Government recommit to funding its delivery on a 50:50 basis, to get this critical project over the line.”
Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called for the introduction of a temporary and targeted Mortgage Interest Support Scheme to support homeowners with rising mortgage costs.
The Donegal TD was speaking as the ECB is expected to raise interest rates for the seventh time since July.
Teachta Doherty said:
“Tomorrow the ECB is widely expected to increase interest rates for the seventh time since July.
“This rate hike will hit the pockets of hundreds of thousands of households.
“It will immediately impact more than 250,000 borrowers on a tracker rate.
“It will also hit the pockets of thousands of borrowers whose mortgages were sold to vulture funds, with many paying interest rates as high as 8 percent.
“These rate rises are likely to impact others in the time ahead.
“The Central Bank estimates that a fifth of mortgage holders are seeing their repayments rise by as much as 50 percent – this is before the expected ECB rate hike tomorrow.
“Tens of thousands of households are now seeing their mortgage repayments rise by approximately €5,000 this year.
“This is a massive income shock for tens of thousands of households with a rise in arrears now inevitable.
“Already in the grip of a cost of living crisis, now is the right time to introduce temporary and targeted mortgage interest.
“The government cannot wash their hands of these rising costs any longer.”
Sinn Féin's mortgage interest relief proposals can be read here.
