TVNZ
NZ banks to reimburse some scam victims up to $500,000
24/04/2025
Where a bank fails to meet the five new commitments, institutions will compensate all or part of the loss for eligible customers. Banks will also retain the discretion to pay compensation beyond what is set out in the code.
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Interest.co.nz
NZ banks stepping up moves to protect customers from scams with reimbursement for victims of up to $500k, but warn they can’t take on full liability for scam losses beyond their control
23/04/2025
“Banks will use this time to ensure the new consumer protections work well from the start. That includes designing and implementing changes to each bank’s systems, processes, and staff training, alongside other change priorities. The updated Code of Banking Practice will go live on 30 November 2025 once all the new measures are in place.”
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RNZ
New Zealand Banking Association updating practice code to better prevent scams
23/04/2025
“Banks are stepping up their customer protections and will be accountable for those measures, but they cannot take on full liability for scam losses that are beyond their control and may, for example, start with a fake ad or chat on social media, or a fake search engine result,” he said.
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NZ Herald
NZ banks introduce new fraud protections, will reimburse scam victims up to $500,000
23/04/2025
“Banks already do a lot to identify and help prevent scams, and these new measures will enhance tech solutions to help protect customers from increasingly sophisticated scams.”
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Stuff
Banks’ scam compensation code called ‘too little, too late’ by victim
23/04/2025
Banking Association chief executive Roger Beaumont said the new scam protection measures were “a huge step up in the fight against scams”.
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Newsroom
Calls for banks and Govt to improve banking access for ex-prisoners
13/04/2025
A spokesperson from the NZ Banking Association says the Reserve Bank is taking the lead on behalf of the Council of Financial Regulators to act on recommendations for the banking industry to co-operate to make basic bank accounts widely available. “NZBA and our member banks are working with RBNZ and the Commerce Commission to progress...
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Stuff
How a woman’s quest for love cost her more than $500,000
07/04/2025
“We’re also asking the Government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries.”
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Reuters
New Zealand probes banks’ climate commitments for anti-cartel behaviour
21/03/2025
Roger Beaumont, chief executive of New Zealand’s Banking Association, noted the issue of the lenders’ net-zero targets was also being investigated by the parliamentary inquiry into banking competition.
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TVNZ
How much cash can you withdraw from your bank?
13/03/2025
Under the law all banks in New Zealand are required to do more to verify a customer’s identity and, in some cases, account activity.
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NZ Herald
NZ First introduces bill to fine ‘woke banks’ $500,000
10/02/2025
If a bank can lend within its credit risk policy and regulatory obligations, it likely will. That is the business of banking.
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