Financial Markets Authority
New Zealand Banking Association chief executive Roger Beaumont welcomed calls for digital platforms to remove fake websites, which were often at the start of a chain of events leading to scams. “Banks have got the ball rolling on the anti-scam centre by targeting mule accounts. Involvement from government and other sectors would take the anti-scam centre to the next level.”
New Zealand Banking Association Te Rangapū Pēke chief executive Roger Beaumont said: “Banks are often at the end of a chain of events that makes up a scam, which could have started with fake websites, emails, texts or phone calls. Liability for any losses depends on what happened.”
“Getting confirmation of payee designed, built, and implemented across the banking industry will be determined by a number of factors, including agreeing an account name and number matching solution, and ensuring it can be delivered by our retail banks. The solution will also need to comply with privacy law and banks’ obligations to protect customer confidentiality. Banks will need to build and implement relevant changes to their online banking and mobile app platforms. Getting confirmation of payee to go live will depend on addressing all these elements.”
“Online scams are growing, and fraud has become a significant factor in our lives, mirroring the rise in online activity. We call them digital ram raids; they’re robberies, and the only difference is the thief could be sitting in a darkened room in another part of the world.”