Thousands of people face losing the money on their shopping centre gift cards, after the payments firm that manages the funds was shut down by regulators.
Shopping centres including Dublin's Liffey Valley, Mahon Point in Cork, White Water in Kildare and The Square Tallaght are now unable to sell or accept gift cards due to the shutdown.
It follows the announcement that Lithuania-based UAB PayrNet had their licence revoked for alleged breaches of money laundering laws.
Consumer Association spokesman Dermot Jewell told Newstalk Breakfast questions are being asked about money in the accounts.
"After a period of time, usually 12 or 13 months, as the holder of the card you pay a management fee that's deducted each month from the balance on the card," he said.
"For example, in Liffey Valley that's €3 a month.
"The goal, and the selling point of that fee, has always been that there's a safeguarding mechanism.
"[This] means any money that's paid into the account must be ring-fenced into a separate account, so in the event of something like this, your money is safeguarded.
"The difficulty is, there's no clarity in relation to where that money that's supposed to be ring-fenced is".
'Not just Ireland'
Mr Jewell said this is being looked at by Central Banks, "all across the EU - it's not just Ireland."
He noted that, while there is legislation to protect consumers, it may not apply.
"There's legislation around it, but the problem is if you look at tall the terms and conditions associated with these cards - to all intents and purposes - if the organisation fails, then the money may go with them," he said.
"That's why there's the worry that the money may be lost," he added.
