1. Opening Remarks by Director of Consumer Protection at the
Central Bank of Ireland, Colm Kincaid, at Oireachtas Committee on
Finance, Public Expenditure and Reform, and Taoiseach
On 12 July 2023, Colm Kincaid, Director of Consumer Protection
at the Central Bank of Ireland ("Central Bank"), gave a
speech at the Oireachtas Committee on Finance,
Public Expenditure and Reform and Taoiseach ("Committee")
addressing the issue of authorised push payment fraud.
The Role of a Safe, Resilient and Efficient Payment System
At the outset, Mr Kincaid noted that speed and innovation have
shaped the payment landscape for consumers and businesses, and
Ireland has seen the benefits of these trends and of its
integration into the EU payments system under SEPA 1. In order for
these systems to function, trust must be maintained to achieve the
common goal of the Central Bank and the European Central Bank
("ECB") "to guarantee that
people have access to efficient payment solutions
