Reserve Bank of New Zealand
The government’s prudent financial management provides a solid grounding for the New Zealand economy, households and businesses, says the New Zealand Bankers’ Association today in response to Budget 2017.
The government’s prudent financial management provides a solid grounding for the New Zealand economy, households and businesses, says the New Zealand Bankers’ Association today in response to Budget 2017.
“There were no major surprises in today’s Budget. It builds on the government’s prudent approach to managing its finances and meeting our needs in a growing economy,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“The forecast economic growth and government surpluses are good news for New Zealand households and businesses.
“The projected surpluses will give the government more options and improve our overall resilience.
“Targeting relief for low to middle income households through changes to the tax thresholds, family tax credits and accommodation supplements makes sense, and will support economic growth.
“We’re also pleased to see increased investment in infrastructure and public services in areas of need.
“Of particular interest is the $10.2m being provided to improve young New Zealanders’ financial capability.
“The funding will allow the Commission for Financial Capability to scale up its Sorted Schools programme and its community-based programmes.
“We strongly support any initiatives to improve financial capability and knowledge in New Zealand. Financially capable people know how to manage their money and make better financial decisions. That ultimately improves personal, family and community well-being.”
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New Zealand Bankers’ Association chief executive Karen Scott-Howman confirmed banks had been approached by the Wellington group, and said: “We’re happy to discuss this, and will put them in touch with our member banks.”
The recent global randsomware attack provides a grim reminder to protect yourself online, says the New Zealand Bankers’ Association in Fraud Week 2017.
“The convenience of banking and shopping online means we sometimes forget that fraudsters are always looking for new ways to steal our money. The recent ransomware attacks around the world reminds us we all have a role in keeping ourselves safe online,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“The main things to remember to protect yourself from such attacks are to beware email from people you don’t know, don’t open links or attachments in suspicious email, and keep your computers and devices virus protection automatically updated and backed up.
“Similar advice applies when keeping yourself safe from social media scams. Be alert to romance and fake trader scams when using social media. Scammers try to exploit people’s trust to get money out of them.”
How to avoid being scammed on social media:
- Don’t accept invitations from people you don’t know.
- Don’t share personal information with people you haven’t met.
- Review your privacy and security settings. Take the time to understand exactly what your account publicly reveals about you.
- If your account has been compromised, report it to the social media platform.
Fraud Week runs from 15 to 19 May. The theme this year is “Spot social media scams”.
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The New Zealand Bankers’ Association chief executive Karen Scott-Howman says: “Under the law banks do not de-risk whole classes of customers. Instead, they apply their obligations under the AML/CFT regime on a case by case basis.
New Zealand banks operate in a different environment and the Australian levy won’t affect New Zealand customers.
New Zealand banks operate in a different environment from those in Australia. Here we have strong and independent regulators, a very competitive banking sector and high levels of customer satisfaction.
New Zealand Bankers’ Association chief executive Karen Scott-Howman said the way people banked had “changed hugely” in recent years.
She said “only a fraction” of banking transactions were done in branches these days.
“This means some branches no longer make commercial sense.”
As part of Privacy Week the New Zealand Bankers’ Association is reminding people how to keep their banking safe from financial crime.
“Banks take their customers’ privacy and confidentiality very seriously by protecting their systems and customer information. We all have a role to play in keeping our money safe from fraudsters,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“Fraudsters are always looking for new ways to steal our money. They use a range of ways to trick people into handing over personal information, usually by phone or email. Once they have that information, such as your account number, log-in details, or password, they can access your identity and your money.
“Your bank will never ask you for your PINs and passwords. Anyone who asks for these will in all likelihood be trying to scam you.
“Scammers often pretend to be your bank, a government agent, a retailer or someone you trust.”
How to avoid these scams:
- Don’t give out account details over the phone unless you made the call and you trust that the number you called is genuine.
- Don’t reply to, click on any links, or open any files in spam emails. Don’t call any numbers in spam emails.
- Cover up your PIN when entering it at an ATM or payment terminal.
Spam emails are often disguised to look legitimate. If it doesn’t seem right, take care and double check first before handing over personal information. It’s always a good idea to check the email address against one you know to be legitimate.
“If you are the genuine victim of fraud it’s good to know that your bank will stand by you and reimburse any losses. That promise doesn’t override your responsibility to protect access to your bank accounts,” Scott-Howman says.
If you think you’ve been taken in by a banking scam you should contact your bank immediately.
Privacy Week runs from 8 to 12 May. The theme this year is “Trust and Transparency”.
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