PTSB has today announced, in an industry first for Ireland, a significant enhancement of its fraud-prevention measures with the expansion of its PTSB Protect service to include detection and alerts of fraudulent phone numbers in SMS messages.
In 2023, PTSB Protect, which is an opt-in service available in the PTSB online banking app, became one of the first banking apps in the world to enable the identification of fraudulent website links customers receive via text message.
By extending the protection feature to identify fraudulent phone numbers in customer text messages, now text messages containing suspicious websites, phone numbers, or commonly used criminal language will be flagged as spam, with customers receiving an instant warning in their messaging app.
Adoption of PTSB Protect continues to grow strongly among PTSB customers. Daily statistics show that approximately 60% of PTSB app users now have the feature enabled, with an average of 40 additional users activating the service each day.
With fraudsters increasingly using sophisticated text-based scams, commonly referred to as ‘smishing’, to deceive individuals into sharing sensitive personal and financial information, PTSB’s enhancement aims to further protect customers from harm.
Recent Central Bank of Ireland research shows that one in three Irish adults have experienced fraud yet 38% never report it, reinforcing the need for preventative tools that protect customers before they engage with the scam.
Since the introduction of PTSB Protect in 2023, the bank has seen a steady decline in fraudulent attempts by criminals using malicious links in text messages.
Building on this success, early indicators from the enhanced PTSB Protect solution show a similar downward trend in fraudulent activity involving suspicious phone numbers in text messages, demonstrating the continued effectiveness of the PTSB Protect service.
Research by telecoms regulator Comreg showed that scam phone calls and texts is costing Irish businesses and individuals €300 million a year. Last year, ComReg introduced a Sender ID protection solution which reduced instances of criminals using spoofed sender IDs purporting to be from genuine companies.
However, criminals continue to send text messages from mobile numbers. PTSB Protect is an additional layer of protection that complements the ComReg solution to help consumers identify the fraudulent messages they receive.
“Protecting our customers from financial crime is of paramount importance to PTSB. By strengthening our fraud prevention capability, we are helping customers better recognise and respond to sophisticated scam activity before it is too late.
This latest enhancement to our PTSB Protect service further enhances fraud protection and awareness for customers. We will continue to invest in our fraud prevention capabilities and do everything we can to support and protect our customers. However, customer awareness and vigilance is also extremely important when it comes to fraud prevention, particularly as fraudsters are becoming more aggressive and sophisticated in their tactics.”
Contact Niamh Cooper | 087-4343978
Customers concerned about potential fraud or seeking assistance should contact PTSB’s Fraud Department on +353 1 669 5851, available 24 hours a day, 365 days a year.
PTSB Protect is an opt‑in customer protection solution that provides scam warnings without accessing customer data, reflecting PTSB’s commitment to fraud prevention that is both effective and respectful of customer privacy.
