Central Bank welcomes publication of OECD Consumer Finance Risk Monitor

New OECD report highlights financial scams as top threat to consumers globally

Deputy Governor of the Central Bank of Ireland Colm Kincaid welcomed the publication of the OECD’s Consumer Finance Risk Monitor 2026, a comprehensive global assessment examining consumer protection challenges across 60 international jurisdictions.

Deputy Governor Kincaid emphasised the need for strengthened oversight as structural economic, technological and market-conduct risks converge to significantly elevate consumer exposure. 

“Today’s report from the OECD echoes many of the specific consumer and investor protection risk areas the Central Bank of Ireland highlighted this week in our Regulatory and Supervisory Outlook report.

“Financial scams and frauds now represent the most significant risk facing financial consumers worldwide, identified by 85% of responding authorities.” said Deputy Governor Kincaid. “The sophistication and scale of digital fraud – including phishing, identity theft, deepfakes and AI-generated fraudulent content – is creating an increasingly challenging environment for consumers, financial institutions and public authorities alike. 

Deputy Governor Kincaid stressed that protecting consumers requires comprehensive action by all actors in the system: “The Central Bank’s mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy. The OECD’s report provides crucial evidence to inform our regulatory and supervisory responses, and we have specific work underway on each of the key themes identified by the OECD at global level.

“In the area of financial scams and fraud, technology is providing criminals with new and innovative ways to harm consumers. In the face of this, regulated financial institutions must continue to enhance their safeguards against fraud and put better supports in place for consumers who fall victim to fraud.  Action is required by others also to combat the rise in digital fraud called out in today’s report from the OECD.

“We must also directly empower consumers by providing them with the tools, skills and competencies they need.” Deputy Governor Kincaid added. “The Central Bank is proud of our work in helping give people the tools to protect themselves from fraud and scams by using the SAFE test, and to support Government’s work in expanding digital financial literacy through the National Financial Literacy Strategy.”

The Consumer Finance Risk Monitor 2026 synthesises views from government ministries and financial authorities worldwide, examining trends, issues and risks across banking and payments, consumer credit, insurance, investments and pensions sectors.

ENDS

Notes to Editors

Deputy Governor Colm Kincaid leads Consumer & Investor Protection at the Central Bank of Ireland and chairs the OECD Working Party on Financial Consumer Protection, Education & Inclusion.