Media

NZ Herald - Banks to add further protection against scams and fraud with Confirmation of Payee

May 20, 2024 - Together with the New Zealand Banking Association, New Zealand’s retail banks are working towards a new Confirmation of Payee system, which is one way they aim to reduce the number of payments made to fraudulent bank accounts and help people avoid making payments to the wrong account.

Farmers Weekly - Federated Farmers guns for rural banking in submission

May 16, 2024 - In its own submission, the NZ Bankers Association, representing the major banks, said the increase in capital requirements were “a significant factor” in interest rates being higher on average for farm loans than for residential mortgages.

NZ Herald - Banks select provider for confirmation-of-payee, a key anti-scam measure; Consumer says efforts ‘too slow, too light’

April 30, 2024 - “Rolling out confirmation-of-payee is not as simple as flicking a switch. Broadly speaking there are two main phases involved. First, we need to build a solution and ensure it works technically with our current payments system and complies with banks’ privacy and confidentiality obligations. Once we have that, banks then individually need to implement changes... Read more »

NBR - Plans for ‘confirmation of payee’ scam-busting tool announced

April 30, 2024 - The New Zealand banking sector says it now has a preferred provider for setting up confirmation of payee, a key part of its response to the burgeoning problem of scams.

Business Desk - ‘Confirmation of payee’ anti-scam measure inches closer

April 30, 2024 - Beaumont said there was also a role for telecommunications companies, social media websites and search engines in helping combat scams. “To take the centre to the next level, we’ve asked the government for operational support by involving the police and other relevant agencies.”

Newstalk ZB - NZBA to roll out ‘confirmation of payee’ service for online banking

April 30, 2024 - “This is something that takes time, it has been progressed since we announced that in September – and we’re moving at that pace.”

NZ Adviser - CCCFA reforms: Mortgage and banking associations supportive

April 29, 2024 - The New Zealand Banking Association (NZBA) also welcomed the changes, with chief executive Roger Beaumont highlight that the changes would allow banks to exercise flexibility and discretion to better meet customers’ needs, especially in emergency situations.

Newstalk ZB - Activity in the housing market is holding its own against the rising cost of borrowing

April 26, 2024 - New Zealand Banking Association’s revealed almost 30 percent more home loans were taken out from June to December 2023, than the previous six months.