Code Committee for Financial Advisers
The New Zealand Bankers’ Association (NZBA) warns against being scammed by online romancers who might be more interested in your bank account than your stellar personality. What starts out as a budding online romance can quickly turn into devastating heartbreak once you’ve handed over your personal information or life savings, only to discover your soul mate was actually a stock image and has since vanished into cyberspace – leaving you to wallow in your Sam Smith and Adele playlist.
“We live in an increasingly online world, which means people become very comfortable building online relationships. All too often we hear of people being baited by catphish and duped into giving personal information or money to an online love who turns out to be a fraudster. There is always the possibility of being targeted by an online scam, and there are steps people can take to help protect themselves,” said Antony Buick–Constable, acting chief executive of the New Zealand Bankers’ Association.
‘Catphishing’ occurs when a fake profile is created online through emails, dating sites or social media to lure someone into a romantic relationship. Scammers are sophisticated and often invest a lot of time to create emails or extensive online social circles to make themselves look legitimate. They can spend months grooming their victims to gain their trust and make them feel like they’re “The One”. They continue to lavish attention until their victims are comfortable sharing personal information or handing over money to help with a fictional financial problem.
Once a scammer has you hooked they’ll appeal to your heart for your cash. Often they reel people in with a convincing personal crisis story – they’re stranded in the Congo after being robbed and they need cash for an airfare; their sick mother needs an emergency operation; or they’re actually quite wealthy, but can’t access their money right now and need a short term loan. Shortly thereafter victims discover their Romeo or Juliet isn’t quite who they thought they were as they are left bewildered with empty pockets and an empty heart.
“We all need to be cautious if ever approached for money or personal details online. It is important to remain vigilant in protecting our personal information, bank accounts and ultimately our money,” said Buick-Constable.
Top tips to help prevent you falling for a catphish:
- Don’t share your bank account login details, cards, PINS or passwords with anyone – no matter how much you love them! Your bank will never ask you for this information.
- Protect your personal information and only provide it to trusted people and organisations. This includes your date of birth, address, driver licence and passport details.
- Don’t reply to, click on any links, or open any files in spam emails. Don’t call any numbers in spam emails.
- If something doesn’t seem right, take time to make the appropriate checks. Always double check any email or website address against one you know to be legitimate.
- Don’t give or lend money to people you don’t know, and especially to people you have only met on the internet. Beware that there are online scammers out there.
- Contact your bank immediately if you think you are a victim of a banking scam or if you think your bank account has become compromised in any way.
- If you are the genuine victim of banking fraud your bank will generally stand by you and reimburse any losses. That promise doesn’t override your responsibility to protect access to your online accounts.
To find out more about protecting yourself from online dating scams or to report a scam visit:
http://www.consumeraffairs.govt.nz/scams/scam-types/dating-and-romance-scams
For further information on scams visit: https://www.consumer.org.nz/articles/scams
The New Zealand Bankers’ Association (NZBA) is encouraging people of all ages to be vigilant in protecting their personal information and finances as part of New Zealand’s Safer Internet Day.
The event, coordinated by NetSafe, promotes the safe and positive use of the internet and digital technologies, especially among children and young people.
Ministry of Business, Innovation and Employment
Ministry of Business, Innovation and Employment
The New Zealand Bankers’ Association (NZBA) is delighted to announce that Karen Scott-Howman has been appointed to the role of Chief Executive.
Media Release29 January 2016 New Zealand Bankers’ Association announces new Chief ExecutiveThe New Zealand Bankers’ Association (NZBA) is delighted to announce that Karen Scott-Howman has been appointed to the role of Chief Executive.Currently the Chief Executive at the Broadcasting Standards Authority, Karen brings considerable professional experience from both private and public sector roles. She has extensive experience as an advocate on regulatory and policy matters affecting the banking industry from her previously held positions as Deputy Chief Executive and Head of Advocacy at the New Zealand Bankers’ Association, and as Regulatory Director when she joined the NZBA in 2009.
Karen also has broad commercial, public and media law experience and a deep understanding of policy development, administrative and regulatory processes. She graduated with a Bachelor of Laws with Honours from Victoria University of Wellington, and was a commercial lawyer at Chapman Tripp in Wellington, and worked in leading law firms in Australia and Canada.
NZBA Council Chairman and Chief Executive of Bank of New Zealand, Anthony Healy, welcomes the appointment of Karen to this crucial leadership role within New Zealand’s banking industry.
“We are delighted to welcome Karen back to the NZBA. Karen brings an excellent understanding of the legal, regulatory and policy issues affecting the banking sector. Her previous advocacy experience working closely with member banks and other financial sector organisations will be invaluable to the industry,” said Anthony Healy.
“The NZBA provides a critical forum for our 15 member banks to work together on non-competitive industry issues, and plays a significant role in shaping policies that contribute to a safe and successful banking system for New Zealand. Karen’s industry experience and leadership will be vital to the Association’s role as an advocate for the banking sector and how it contributes to the wider-economic benefit of the country,” Healy added.
ENDS
South Island farmers facing continued drought conditions are encouraged to talk with their bank said the New Zealand Bankers’ Association (NZBA).
“Banks recognise how important the agri-sector is to our economy. We encourage any farmers facing hardship due to ongoing dry conditions to contact their bank to discuss options for assistance and how they can work together through these challenging circumstances,” said New Zealand Bankers’ Association chief executive Kirk Hope.
The NZBA has produced an information sheet on how banks can support and advise farmers facing financial challenges
“Banks work in partnership with farmers to support their businesses. Rural bank managers work closely with their farming clients to understand individual situations and needs. Farmers who find themselves in financial difficulty as a result of the drought should speak with their bank as early as possible,” Hope added.
In addition to talking with their banks, farmers can also seek advice about managing through drought conditions from Rural Support Trusts, DairyNZ and Beef + Lamb New Zealand.
Financial Markets Authority
Financial Markets Authority
The New Zealand Bankers’ Association is urging people to be vigilant as we head into the holiday season.
More about Tis the season to be careful
The New Zealand Bankers’ Association is urging people to be vigilant as we head into the holiday season.
“It’s that time of the year when people have a lot on their plate preparing for summer’s festivities. At this busy time it pays to be extra vigilant with your cards and be weary of phishing and other online scams,” says New Zealand Bankers’ Association Chief Executive Kirk Hope.
“Fraudsters know we are often distracted at this time of year and will look for any opportunity to take advantage of people’s busy lives and increase in social activities.”
So whether you’re using an EFTPOS terminal to buy gifts, shopping online, or buying a round at your local pub, here are some tips on how to keep yourself safe this festive season:
- Guard your card. Treat it like cash. Don’t leave it lying around. Make sure you know where your card is at all times.
- Shop with trusted retailers. Before you provide personal information make sure they will protect that information
- Check you have a secure connection, which is shown by a padlock symbol somewhere on the page, and that the website address starts with ‘https://’. The ‘s’ stands for ‘secure’.
- Don’t reply to, click on any links, or open any files in spam emails or text messages.
- Check your statements. Advise your bank immediately of any unauthorised transactions.
“It’s important to remember that your bank will reimburse any losses if you’re the genuine victim of fraud. However, that promise doesn’t override your responsibility to protect access to your accounts.”
“Banks will be working hard this holiday season to protect you from financial crime. But we all have to play our part. By following these simple steps you too can help.” reminds Hope.