Kirk Hope discusses mistaken online payments on Fair Go.
Ministry of Justice
Bankers’ Association chief executive Kirk Hope said competition between banks could be a driver for mortgage rates to keep dropping.
Finance and Expenditure Select Committee
New Zealand Bankers’ Association (NZBA) says investing time to make your financial plan now could pay dividends by giving you choices in the future.
As part of Money Week (5-11 September) run by the Commission for Financial Capability, NZBA is encouraging people to take time to think about their financial future, set short and long terms goals, and to make a plan on how to get there.
“Making a financial plan prompts us to understand our current financial position and think about how we will use money in the future, it also helps us to focus on what we want to achieve,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“The benefit of having a plan is that you can make better financial decisions for the short and long term, and it sets you up to deal with anything unexpected that happens along the way.
“There are many online tools and resources to help you make a financial plan – we all just need to make it a priority to take time to do it. Your bank’s website is a great place to start, and if you need personalised financial advice then you can talk with your bank,” said ScottHowman.
Follow these tips to help make your financial plan
- Set short and long term financial goals. Think about what you want in life and how your money decisions can support you to achieve that. Write down your short and long term goals.
- Plan a budget. Take time to review how, when and where you spend your money. Tracking your expenses allows you to set a realistic budget and identify the areas where you can make changes to get ahead. Stick with it and you will soon see progress toward your goals. You can find budget planning tools and information on your bank’s website or at www.sorted.org.nz.
- Grow your savings. Set short, medium and long term savings goals like saving toward a holiday, a deposit for a house, or KiwiSaver for your retirement. Talk to your bank or another trusted financial advisor about investment strategies and how to make your money work for you.
- Manage debt. Take time to review any debt that you hold and make it your goal to be debt-free. Talk with your bank about how to be debt-free fast. Avoid ‘dumb debt’ and only ever borrow what you need and plan to pay it off as quickly as you can.
- Protect your money. We all need to take responsibility for protecting our financial security. Consider speaking with a professional financial advisor, such as your bank, about ways on how best to protect your money, such as insurance or a contingency plan.
Cash in circulation rose by 8 percent last year. There’s now $5 billion in circulation despite the fact cash use is declining. New Zealand Bankers’ Association chief executive Kirk Hope joined Paul Henry in studio to explain how and why this is occurring.
New Zealand Bankers’ Association chief executive Kirk Hope said banks were working closely with dairy farmers to help them manage through tough times.
The New Zealand Bankers Association says it’s not discrimination – but that banks need to ensure mortgages are sustainable and a recent law change means they need to be even more careful that they are lending responsibly.
The New Zealand Bankers’ Association (NZBA) warns that anyone can be the target of an email whaling scam.
Following a fake email purportedly sent by NZBA’s chief executive to a colleague, it was thanks to training and attention to detail that the scammer was foiled. NZBA’s work includes educating consumers on fraud prevention, and believes the incident shows that any organisation can be the target of scammers.
“This attempt has reminded us that no organisation or individual is immune to whaling,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“A colleague noticed a suspicious email that looked like it was sent by me demanding an urgent payment. However, when you looked carefully there were a number of classic whaling hallmarks including poor grammar and spelling. Whoever sent the email had also done their homework – they mentioned the name of our finance manager and that he was on holiday to try to create urgency and authenticity.
“Cybercriminals have become quite sophisticated, and people could easily fall victim to a whaling or bank email scam if they are not vigilant in making the appropriate checks before acting on an email.”
The people behind whaling scams put a lot of effort into creating emails that look authentic by using logos or personal information to make their request appear legitimate. NZBA says that educating all staff on these types of scams, and training them to pay careful attention to detail and to follow processes makes it difficult for scammers to succeed.
“We all have a role to play to help protect ourselves from financial crime. We are grateful that this failed scammer provided us the opportunity to remind New Zealanders what to look out for,” said Scott-Howman.
Follow these tips to help avoid whaling scams
- Spam emails are often disguised to look legitimate. If it doesn’t seem right or looks odd, take your time and take care to double check first before handing over personal information, clicking on links or replying. It’s always a good idea to check the email address against one you know to be legitimate and to type in a full web address.
- Ensure all staff are trained to recognise suspicious emails and follow processes when handling payments or other requests.
- Make sure your organisation has robust internal processes for authorising payments such as two-factor authentication or face-to-face verification.
- Don’t reply to, click on any links, or open any files in spam emails or text messages. Don’t call any numbers in spam emails or text messages.
- Never share your bank account login details, cards, PINS or passwords with anyone – not in person, online, over the phone, or in emails or texts. Your bank will never ask you for this information.
Ministry of Business, Innovation & Employment