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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Interest.co.nz
New Zealand banks told to come up with a reimbursement scheme for scam victims by September
01/03/2024
“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”.
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Stuff
Banks given fraud ultimatum
01/03/2024
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...
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NZ Herald
Banking Ombudsman warns new Government faith in banking sector eroding due to growth in scams
29/02/2024
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...
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Stuff
Victim Support says banks wrong to blame scam victims
25/02/2024
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.”
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NZ Herald
Confirmation of payee – ‘A simple step that will stamp out bank scams’ – gets a step closer
20/02/2024
“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...
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Stuff
Quiz: How safe are you from scams?
16/02/2024
“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.”
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