Government support to fight scams welcomed by banks
13/03/2024
The New Zealand Banking Association welcomes the New Zealand government’s support to help fight fraud at the inaugural Global Fraud Summit held in London this week. NZBA chair Vittoria Shortt, who attended the summit on behalf of the New Zealand banking industry, says the commitment to support collaboration across sectors is essential to tackling fraud...
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KPMG
Raising the bar in the fight on scams
13/03/2024
Roger Beaumont Published in KPMG’s Financial Institutions Performance Survey Review of 2023, 13 March 2024 Scams targeting New Zealanders are on the rise, and they’re becoming increasingly sophisticated. The impact can be devastating, with some people losing their life savings. Because of the customer impact, and the fact that banks are often at the end...
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Stuff
Banks alarmed at calls for compensation for scams
13/03/2024
“Banks will investigate a voluntary reimbursement scheme for customers who lose money in an authorised payment scam. That may help inform any changes to the Code of Banking Practice which sets out current customer expectations for fraud reimbursement.”
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NZ Herald
Scambusters: Anatomy of a scam – why it’s called phishing
12/03/2024
“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.
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NZ Herald
Scambusters: The $2 billion digital ‘ram-raids’ – inside the scams and the fraudsters targeting your money
10/03/2024
“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...
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NZ Herald
Are you guilty of ‘harmless’ fraud? – Diana Clement
09/03/2024
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.
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Stuff
Banks won’t consult public on fraud compensation code changes
08/03/2024
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”.
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Stuff
Understanding the most dangerous payment scams
07/03/2024
“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.”
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NBR
‘Industry turning on itself’: Banks’ anti-scam response ‘archaic’
05/03/2024
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.
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Newshub
Government and victims demand banks protect customers from scams
02/03/2024
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.
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