Concern about cybercrime has surged over the last three years – 51% of compliance professionals rank it as top financial crime threat
Cybercrime – including hacking, phishing, and online scams – continues to be considered the most prevalent financial crime in Ireland. And concern among compliance professionals about cybercrime has risen sharply over the last three years, with 51% now ranking it as the top risk in 2026, up from 34% in 2023. Fraud was identified as the second most prevalent threat (23%), followed by tax evasion (13%).
This is according to the Compliance Institute’s latest survey, which polled 150 compliance professionals nationwide primarily working within Irish financial services, and asked participants to rank the most prevalent financial crimes in Ireland.
2026
Which of the following do you consider to be the most prevalent financial crime in Ireland? (Single select)
| Cybercrime (hacking, phishing, online scams) | 51% |
| Fraud | 23% |
| Tax evasion | 13% |
| Money laundering | 12% |
| Insider trading | 1% |
| Bribery and corruption | 0% |
Michael Kavanagh, CEO of the Compliance Institute, commented on the findings,
“It is no surprise that cybercrime remains the number one financial crime concern among compliance professionals, with the proportion ranking it as the top threat rising sharply from 34% in 2023 to 51% in 2026. There’s an escalating concern about cybercrime across the sector, driven by the growing scale, frequency and sophistication of online criminal activity in recent years.
Unlike more traditional forms of financial crime, such as tax evasion or insider trading, the prevalence of cybercrime is constantly growing. Criminals are quick to take advantage of new technology, new ways of communicating and moments when people may be more vulnerable, making phishing scams, identity theft, ransomware and online fraud increasingly difficult to prevent.
As more people manage their finances online, whether for banking, pensions, insurance, or investments, cybercrime is now a serious financial risk for individuals and businesses. The consequences can be significant. People can suffer direct financial loss, have personal information stolen or face the stress and disruption of trying to regain control of their accounts. For businesses, cyberattacks can result in downtime, reputational damage and major recovery costs”.
Financial Crime Threats: 2023 vs 2026
The comparison between the 2023 and 2026 Compliance Institute survey findings highlights a noticeable shift in where compliance professionals believe the greatest financial crime threats now lie. While concerns were more evenly spread across several categories in 2023, the 2026 results show cybercrime has pulled ahead as the dominant threat.
2023
Which of the following do you consider to be the most prevalent financial crime in Ireland? (Single select)
| Cybercrime (hacking, phishing, online scams) | 34% |
| Fraud | 21% |
| Tax evasion | 21% |
| Money laundering | 19% |
| Insider trading | 1% |
| Bribery and corruption | 4% |
Key changes between 2023 and 2026 include:
- The number of compliance professionals who ranked cybercrime as the most prevalent financial crime in Ireland increased from 34% to 51% (+17 percentage points), reinforcing its position as the most prevalent financial crime concern in Ireland.
- The number of compliance professionals who ranked fraud as the most prevalent financial crime in Ireland increased slightly from 21% to 23% (+2 points), showing that more traditional forms of financial deception remain a persistent issue.
- Tax evasion fell from 21% to 13% (-8 points), indicating a reduced level of concern relative to newer threats.
- Money laundering declined from 19% to 12% (-7 points), though it remains a significant area of focus.
- Insider trading remained unchanged at 1%, continuing to rank among the least prevalent threats.
- Bribery and corruption dropped from 4% to 0% (-4 points), suggesting it is now viewed as a far less immediate concern by respondents.
Mr Kavanagh continued,
“What stands out is how consistently cyber-enabled crime is now viewed as the dominant threat across the sector. It is increasingly where attention is being focused, both in terms of prevention and response, due to how coordinated and scalable these attacks have become. Ireland’s position as a major centre for data hosting and digital infrastructure adds another dimension to this. With so much financial and commercial activity flowing through highly connected systems, the attack surface is larger and more attractive for criminals looking to exploit vulnerabilities at scale. These crimes are fast-moving, often cross-border, and increasingly difficult to distinguish from legitimate digital activity until after the event.
At the same time, the tools being used are becoming more advanced, ranging from highly convincing phishing campaigns to automated attempts at accessing accounts and fraud across multiple platforms. That combination of scale and sophistication is what is driving the growing focus from compliance professionals.
This is also reflected in wider enforcement data, with recent provisional Garda figures for 2025 showing that fraud and economic crime offences increased by 137% compared to 2024. Within that, online auction and shopping fraud rose by 183%, card-not-present fraud increased by 95%, and account takeover fraud was up 10%[1].
There is no doubt that financial crime is increasingly digital in nature, faster to execute and more complex to detect. That is why sustained investment in awareness, prevention and cross-sector cooperation will remain essential in protecting consumers and maintaining trust in financial systems”.
