Companies who overcharge their customers should be held accountable with tougher sanctions, an Irish MEP has said.

Fianna Fáil’s Billy Kelleher believes consumers are losing out on hundreds of euros due to tech mistakes at big companies.

It comes after Axa Insurance was forced to issue refunds to 400 customers who were overcharged over a number of years.

The Ireland South MEP said companies need to be vigilant about mistakes and should be punished when they are not. 

“We have these issues continually occurring,” he said. 

“While some of them may be unintended or completely outside [their] control, very often they’re as a result of not investing enough in their IT systems and enhancing them and their capacities and capabilities. 

“[All of which] ensures they have proper systems to protect themselves.” 

A customer swipes a Revolut debit card. Picture by: Piotr Adamowicz / Alamy Stock Photo

Mr Kelleher said if action is not taken, it could do long-term damage to Ireland’s reputation as a hub for the tech industry.

“We pride ourselves in terms of being a first-world country in terms of technology and software capacity,” he said. 

“The idea that we would have financial institutions and insurance companies continually having problems with their IT system resulting in overcharging, I think that is the wrong message.” 

According to the Central Bank, the tech sector accounted for 6.4% of employment last year.

Main image: A credit card with €100 banknotes. Picture by: Maryia Kazlouskaya / Alamy Stock Photo