A man was arrested as part of an ongoing garda investigation into SIM card-swapping, account takeover and money laundering.
Officers attached to the Garda National Economic Crime Bureau (GNECB) have been investigating a fraudulent scheme which has targeted customers of an Irish commercial bank, causing losses of approximately €200,000.
Another man has previously been charged and convicted in relation to the matter.
Gardaí have now identified a supplied of the SIM cards used to facilitate the smishing fraud.
The latest arrest was of a 27-year-old man following a search of a residence in the Tallaght area of Dublin on Thursday morning.
The man was detained on Thursday at Clondalkin Garda station under section 50 of the Criminal Justice Act 2007. He was released without charge on Friday morning. Gardaí said a file would be prepared for the Director of Public Prosecutions.