“As we have raised previously in discussions with you, the Code is not drafted in plain language despite the fact that the Code itself requires lenders to provide documentation drafted in plain language to assist customers,” NZBA says in its submission.
Financial Markets Authority
Ministry of Business, Innovation and Employment
Contracts should be viewed in the context of the consumer credit law within which they operate, rather than in isolation, the New Zealand Bankers’ Association said.
The New Zealand Bankers’ Association is urging people to beware of card fraud over the holidays.
“It’s that time of the year when people are getting into the festive spirit, doing their Christmas shopping and anticipating the New Year sales. At this busy time it pays to keep your guard up when using your bank and credit cards,” says New Zealand Bankers’ Association chief executive Kirk Hope.
“Fraudsters love the festive season and will look for every opportunity to take advantage of busy shoppers and people having a few drinks out with friends and family.”
So whether you’re using an EFTPOS terminal to buy gifts, getting cash from an ATM, or buying a round at your local pub, here are some tips on how you to keep your card safe:
- Guard your card. Treat it like cash. Don’t leave it lying around. Make sure you know where your card is at all times.
- Protect your PIN. Never tell anyone your PINs or passwords – not even the police, bank staff, friends or family.
- Cover up. When entering your PIN number at ATMs and EFTPOS terminals, shield the PIN pad with your other hand. Criminals may ‘skim’ your card details by attaching a device to the card reader, and then ‘shoulder surf’ or use hidden cameras to record your PIN.
- Check your statements. Advise your bank immediately of any unauthorised transactions.
“Banks work hard to protect their customers from financial crime. But it requires a joint effort. By protecting your card and PIN, you’re helping protect yourself and your money.
“Your bank will reimburse any losses if you’re the genuine victim of fraud. That promise doesn’t override your responsibility to protect access to your accounts. If, for example, you give your PIN number away, you won’t be covered,” cautions Hope.
Ministry of Business, Innovation and Employment
“Only 3 per cent of New Zealand credit card holders pay the minimum each month,” he said. “That’s compared to 13 to 14 per cent in the US and UK. More than half of New Zealanders who have credit cards pay off their balance in full each month, while only a third in the US do.”
New Zealand Bankers’ Association chief executive Kirk Hope says the association welcomes the Bank of China as the latest participant in the New Zealand banking industry.
As part of International Fraud Awareness Week the New Zealand Bankers’ Association is urging consumers to stay safe online as we head into the festive season.
“Now’s the time that people will be shopping for Christmas. If you’re shopping online there are some simple ways you can protect yourself from financial crime,” said New Zealand Bankers’ Association chief executive Kirk Hope.
When shopping and banking online:
- Shop with trusted retailers. Before you provide personal information make sure they will protect that information.
- Check you have a secure connection. The website address will start with ‘https://’. The ‘s’ stands for ‘secure’. There may also be a padlock symbol somewhere on the page.
- Avoid public computers and public Wi-Fi for internet banking, e.g. internet cafes, libraries or hotels, as personal information can be intercepted by fraudsters.
- Protect your identity information and only provide it to trusted people and organisations. This includes your date of birth, address, driver’s licence number and passport details.
- Logon to internet banking by typing in your bank’s full web address. Do not use links in emails that appear to take you to your bank’s website.
- Keep your anti-virus and firewall software up to date.
Fraudsters are always looking for new ways to scam us and steal our money. Online scammers 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. This kind of fraud is known as “phishing”.
How to avoid phishing 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. - Never send your personal details or accounts or passwords in an email.
- Check your statements. Advise your bank immediately of any unauthorised transactions.
- If you suspect you’ve been taken in by a scam, contact your bank immediately.
“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 online accounts,” cautioned Hope.
“It’s all about what you can control and what is entirely beyond your bank’s control. If you
lose money because you gave someone else access to your online accounts it would be
unreasonable to expect your bank to take responsibility for the loss. Fighting fraud is a joint
effort.”
International Fraud Awareness Week runs from 16 to 22 November.
Financial Markets Authority