Scams on the rise in NZ

Scams have been taking prime place in the media recently, with everything from travellers being warned against connecting to Wi-Fi networks to police warning people what to look out for, police making significant arrests in term-deposit-style scams to the FMA warning about comparison websites.

Cert NZ recently reported that financial losses as a result of cyber crimes were up 66% in the first quarter of 2023 compared to the last quarter of 2022.

NZ banks and the Banking Ombudsman are working together to try and keep consumers safer from scammers. The latest initiatives is the 4 part documentary series ‘You’ve been scammed by Nigel Latta’, which starts tonight. Nigel explores the psychological tricks scammers use to exploit people and explains how better to protect yourself.

Miriam Dean KC, chair of the Banking Ombudsman scheme, said financial scams were rising exponentially and is urging banks to fast-track resolution of fraud complaints. Dean also called on other organisations oft impersonated by scammers, like NZ Post and Inland Revenue, to step up their activity in helping protect customers. Dean can see the benefits of setting up a dedicated anti-scam unit, the likes of Singapore’s Anti-Scam Command.

“Establishing an anti scam centre along these lines would have much to recommend it in my view, especially as a flood of scams grows day by day ... and scammers will turn to artificial intelligence to further their devious ends.”

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