- The New Zealand Banking Association said customers can expect a fix by the end of the year, allowing months of time to pass while scammers could still take advantage of this New Zealand loophole.
- “We support the Banking Ombudsman’s call for digital platforms to remove fake websites more quickly. They’re often at the start of a chain of events that leads to a scam. To better protect New Zealand from scams we need a co-ordinated multi-sector approach where everyone plays their part”.
- Banking Association chief executive Roger Beaumont said: “Confirmation of payee will start to roll out by the end of the year, and our anti-scam centre is up and running, targeting money mules.” And, he said: “Banks will investigate a voluntary reimbursement scheme for customers who lose money in an authorised payment scam. That may help... Read more »
- New Zealand Banking Association chief executive Roger Beaumont welcomed calls for digital platforms to remove fake websites, which were often at the start of a chain of events leading to scams. “Banks have got the ball rolling on the anti-scam centre by targeting mule accounts. Involvement from government and other sectors would take the anti-scam... Read more »
- New Zealand Banking Association Te Rangapū Pēke chief executive Roger Beaumont said: “Banks are often at the end of a chain of events that makes up a scam, which could have started with fake websites, emails, texts or phone calls. Liability for any losses depends on what happened.”
- “Getting confirmation of payee designed, built, and implemented across the banking industry will be determined by a number of factors, including agreeing an account name and number matching solution, and ensuring it can be delivered by our retail banks. The solution will also need to comply with privacy law and banks’ obligations to protect customer... Read more »
- “Online scams are growing, and fraud has become a significant factor in our lives, mirroring the rise in online activity. We call them digital ram raids; they’re robberies, and the only difference is the thief could be sitting in a darkened room in another part of the world.”
- NZ Banking Association chief executive Roger Beaumont said the farm business advice support fund has been successful in providing farmers with financial advice.
- “We’re looking at options for a confirmation of payee service to enable anyone making an online payment from one bank account to another to check the name of the account they are paying. We are investigating the technical ability to do this, along with privacy and information-sharing considerations.”
- On December 20, the Banking Association said work on an anti-scam centre was progressing, and banks were now focusing on sharing additional information to help identify and reduce fraudulent payments to mule accounts.
