- Having previously opposed the Reserve Bank introducing debt-to-income restrictions on banks’ home loan borrowers, now they’re going ahead, the New Zealand Banking Association wants them loosened.
- Roger Beaumont Published in the New Zealand Herald Scams are on the rise and becoming increasingly sophisticated. They’re like ‘digital ram raids’ and the impact can be devastating, with some people losing their life savings. Banks are stepping up to help prevent scams, but they can’t do it alone. Scams are not just a bank... Read more »
- “Banks were already sharing some information on money mules, but the new phase of work will increase the speed and amount of information being shared,” said NZBA chief executive Roger Beaumont.
- 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... Read more »
- 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... Read more »
- “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.”
- “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.
- “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... Read more »
- 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.
- 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”.
