Businesses and consumers are being warned to be on alert as fraudsters target the thousands of customers who are switching banks.
The FraudSmart warning comes as it was revealed that in the first six months of this year - text message scams conned people out of €1,700 each on average.
In the business world - invoice fraud - where fraudsters convince companies that a client has changed bank account - is costing companies an average €14,000.
Niamh Davenport - head of financial crime with the Banking & Payments Federation - says companies need to be extra vigilant.
"The problem with this is quite a serious one, because by the time you realise you've paid it to a fraudster quite a lot of time has probably lapsed, often it's when people get reminded to pay the invoices they say 'we've already paid it', and they only realise then when they contact the supplier directly that they've updated the bank account details from a fake email.
"This is not just big multinationals, people think that it's the big companies that are affected by these things - everybody is affected by these email scams."
