Reserve Bank of New Zealand – Te Pūtea Matua
Month: September 2023
Statement of Funding Approach – Funding Strategy for the Depositor Compensation Scheme
The Treasury – Te Tai Ōhanga
Consumer NZ calls on banks to act faster to battle scams
The NZ Banking Association said last week that the industry was focusing on a number of initiatives to fight fraud and scams, including real-time information sharing between organisations affected by scams, and a confirmation of payee account name checking service.
New Zealand banks take scam-preventing measures
According to the New Zealand Banking Association, banks have made significant investments when it comes to fraud analytics and prevention. These investments aim to help identify unusual spending on credit cards and check with customers before processing those payments, as well as warn of potential scams when customers make payments in suspicious circumstances.
Banking Ombudsman says complaints from scammed New Zealanders show they lost on average $57,000
As part of the banking industry’s Friday announcement, the NZBA said the industry supported a national anti-scam centre, would remove hyperlinks from text messages and would work together to freeze mule accounts, used to siphon stolen money from victims.
New Zealand banks establish Anti-Scam centre to safeguard customers
New Zealand Banking Association chief executive Roger Beaumont said, “The joint commitment by retail banks is expected to have a positive impact in tackling fraud and scams.”
NZBA launches new initiatives against scams and fraud
NZBA is backing the establishment of an anti-scam centre, similar to that in Singapore, to “provide a centralised and coordinated multi-sector approach to fighting scams from a New Zealand-wide perspective.”
Consultation: Review of the AML/CFT (Class Exemptions) Notice 2018
Ministry of Justice
Banks initiate anti-scam centre to combat rise in fraud
“Our retail banks already have systems in place to help detect and warn customers about potential scams and the further initiatives announced by the industry today are expected to have a significant impact in combatting scams. But we have reached a point where a new approach to fighting fraud and scams is required and this… Read more »
Retail banks are coming together to counter scams
Banking Association chief executive, Roger Beaumont spoke to Heather du Plessis-Allan about it.
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