Conned out of $198m
People lost just under $200 million to scams over the past year according to 11 of New Zealand’s largest financial institutions.
The figure has been released as the Ministry of Business, Innovation and Employment (MBIE) as it launches Fraud Awareness Week.
The financial institutions that provided the data are ANZ, ASB, BNZ, Co-op Bank, Heartland, KiwiBank, Rabobank, SBS, TSB, Unity and Westpac for the year to the end of September.
This year’s awareness efforts are focused on encouraging people not to fall victim to investment scams.
A joint social-media campaign featuring psychologist Nigel Latta has been created by MBIE and the Banking Ombudsman Scheme. This builds on the programme You’ve Been Scammed by Nigel Latta, which was broadcast on TVNZ earlier this year and is available on demand.
The Financial Markets Authority (FMA) has also created a social-media campaign in partnership with comedian Tom Sainsbury illustrating what investment scams can look like.
Real investment offers don’t come out of the blue, warns MBIE spokesman Ian Caplin, who says scammers are targeting everyone across New Zealand – and especially those with savings or investments who are looking to earn a bit more from their money.
He adds: “If it seems too good to be true, then it probably is. If you receive an unsolicited investment offer via email or a cold call, ignore it. It’s illegal to sell financial products through these methods in New Zealand.
“Investors can contact institutions directly through contact details on official websites to verify documents and payment instructions before sending any money. The FMA website also contains details of warnings and real-life examples of scams.
“If you think you’ve been scammed, stop all contact with the scammer. Do not make any more payments and contact your bank immediately. Report all investment scams to the FMA and scams in general to CERT NZ to stop others falling victim.”
Fraud Awareness Week is run by MBIE in its role as chair of the inter-agency Fraud Awareness Group. This includes the likes of CERT NZ, Netsafe NZ, the Serious Fraud Office, Retirement Commission, Department of Internal Affairs, police, Banking Ombudsman, NZ Telecommunications Forum and industry representatives.
