NTMA Loses Up to €5m in Phishing Scam

The National Treasury Management Agency (NTMA) in Ireland has fallen victim to a phishing scam, with up to €5m missing. The scam, which involved a fake payment request to a company connected to the Ireland Strategic Investment Fund, was uncovered after staff expressed concern. The NTMA has launched an investigation and is carrying out an urgent review to determine what happened and whether the lost money can be recovered.

The National Treasury Management Agency (NTMA) in Ireland has been targeted by a sophisticated phishing scam, resulting in the loss of up to €5 million. The incident, which involved a fake payment request to a company connected to the Ireland Strategic Investment Fund (ISIF), was uncovered after staff expressed concern [1].

The NTMA, which manages billions of euros on behalf of the State, has launched an investigation and is conducting an urgent review to determine what happened and whether the lost money can be recovered. The scam, which is believed to have involved voice phishing and a fake invoice, exploited human vulnerabilities and bypassed several layers of security protocol [2].

The NTMA has stated that there was no evidence of a breach of its systems, indicating that the scammers likely exploited human weaknesses to gain trust and divert funds to fraudulent accounts. The incident is the most significant to hit an Irish agency since the 2021 ransomware attack on the Health Service Executive (HSE) [2].

The NTMA is responsible for managing public assets and liabilities prudently for long-term benefit. The ISIF, under its mandate, invests in projects that support economic activity and employment in Ireland. The NTMA's 2023 annual report showed €35 billion in investment capital [2].

The Government and NTMA are working with An Garda Síochána to investigate the scam and recover the lost funds. The incident has raised questions about the NTMA's vulnerability to such attacks, given the significant amount of money it manages. Sinn Féin's finance spokesman, Pearse Doherty, has called for the NTMA to be hauled before the Oireachtas Finance Committee to explain the breach [2].

The NTMA has not commented further on the ongoing investigations and recovery efforts. The incident underscores the importance of robust cybersecurity measures and the need for continuous monitoring and review of security protocols in managing large sums of public money.

References:
[1] https://www.irishtimes.com/crime-law/2025/07/12/up-to-5m-goes-missing-after-ntma-falls-victim-to-phishing-scam/
[2] https://extra.ie/2025/07/12/news/irish-news/ntma-e5m-scam-outrage