- “Scammers often use weblinks or hyperlinks in text messages to gain access to people’s bank accounts. To help reduce this kind of scam risk, banks have committed to removing links from texts to customers,” NZBA chief executive Roger Beaumont said.
- “When you think about how a scam plays out, the money leaving your bank account is the very last step in that process,” says Beaumont. “It might be a fake ad in social media that makes you click on a link that’s promoting something dubious. It might be a phone call from a scammer that... Read more »
- One type of banking fraud the New Zealand Banking Association sees are money “mules” who, for a payment, let criminals transfer money overseas via their accounts, says chief executive Roger Beaumont. Some don’t understand it’s a crime.
- Roger Beaumont, chief executive of the Banking Association, said it would “look at what’s happening around the world and then see how we can update the current practice set out in the code”. But “given the timeframe involved, and the focus on scams, this isn’t likely to be our usual code review process”.
- “Payment scams, often called authorised push payments, trick you into voluntarily making a payment from your account. Invoice scams are a classic example, with scammers going through your email and then producing a fake invoice that looks legitimate.”
- A confirmation of payee service is a key priority for the industry, the New Zealand Banking Association says. It needs to be built and designed to suit the New Zealand situation, and it is currently assessing a few options with the preferred approach and delivery timeframe due to be announced at the end of April.
- 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 »
