The New Zealand Banking Association today welcomed the government’s establishment of the Anti-Scam Alliance.
New Zealand Banking Association chief executive Roger Beaumont says: “We’ve been calling for a co-ordinated multi-sector approach to scam prevention and consumer protection since 2023. Today’s announcement is a good step in that direction.
“For a long time we have encouraged other sectors involved in the scam ecosystem to do more to prevent scams because banks cannot fight scams alone. There’s a clear role for government to co-ordinate other sectors’ anti-scam efforts. Scams typically start when people are deceived by fake websites and search engine results, fake emails, texts, social media ads and chats, and phone calls, so there’s a role for telcos, social media companies, and global tech platforms to help stop them in the first place.
“Our banks have significantly stepped up ways to help prevent scams and protect their customers.
“In April this year we finished rolling out a Confirmation of Payee service across 13 retail banks to help customers check that the name of the person they are paying matches the account number. This can stop mistaken payments and avoid payments to scammers.
“We have also recently announced a suite of other scam prevention measures that will be included in an update to the Code of Banking Practice later this year. In addition to Confirmation of Payee, banks will commit to providing pre-transaction warnings for certain payments, identifying high-risk transactions, providing a 24/7 scam reporting channel, and sharing with other banks information about accounts used by criminals. Where banks fail to meet those commitments, they will compensate all or part of the loss for eligible customers.”
ENDS