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NTMA chief reveals outcome of staff collusion investigation after €5m stolen in phishing scam

Businesspost.Ie • May 15, 2026

• How scammers allegedly exploited compromised third-party systems and non-public information to carry out the attack

• Why the agency warns recovering more of the stolen funds will become increasingly difficult as the investigation continues

There was no collusion by anybody in the National Treasury Management Agency (NTMA) in the €5 million fraud case the agency suffered last year, chief ...

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This article is one source in a clustered incident — the cluster page carries the summary, timeline and every other outlet covering it.

NTMA Struggles to Recover €2.5M from Phishing Attack The National Treasury Management Agency (NTMA) has reported that it is unable to recover the remaining €2.5 million of the €5 million stolen during a phishing attack last summer. The attack involved a fraudulent payment request that appeared legitimate, leading to six individuals authorizing the payment. The NTMA's Chief Executive, Frank O'Connor, indicated that the agency is still pursuing recovery efforts, but the situation is becoming increasingly challenging. The attack was characterized by a breach of the investee's email systems, allowing threat actors to send valid instructions to the NTMA. An independent forensic investigation by Deloitte confirmed that the NTMA's IT systems were not compromised. Enhanced controls have been implemented to prevent future incidents. The agency manages significant public assets and liabilities, making it a target for cybercriminals. 3 sources 52

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NTMA chief reveals outcome of staff collusion investigation after €5m stolen in phishing scam

The full story

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