The college say an external computer forensic team is helping them
Trinity College Dublin (TCD) has confirmed two investigations are underway after its fundraising arm was hacked online.
The Trinity Foundation was alerted by its bank to suspicious activity in its accounts.
It was discovered the foundation was the apparent victim of a computer-based fraud.
This has been reported to the gardaí, who are investigating. The college says some money was recovered following the discovery.
However a Trinity spokesman says it is too early to say whether everything can be recovered.
He says any shortfall will be made up from the university's future commercial revenues.
The Irish Sun reports that €1m may have been taken in the scam - a figure TCD would not confirm.
In addition to the garda investigation, TCD and Trinity Foundation are conducting a detailed investigation.
They have asked an external computer forensic team to help in establishing the technical details of what happened.
The Data Protection Commissioner's office has been informed and is liaising with the university.
"As both the garda criminal investigation and internal investigation are continuing, Trinity will not be making any further statements at this time," the college says in a statement.
The Trinity Foundation, which helps disadvantaged students, was established as an independent charity in 1994.
Since 1994, the Foundation has raised funds in excess of €280m.
Stephen Breen is crime editor with the Irish Sun.
He told the Pat Kenny Show a criminal looks to have targeted the foundation through e-mails.
"Trinity had no idea this was happening until the police in the UK contacted the Bank of Ireland and said in relation to your accounts here, it appears that there could be some suspicious transactions."