“Payment scams, often called authorised push payments, trick you into voluntarily making a payment from your account. Invoice scams are a classic example, with scammers going through your email and then producing a fake invoice that looks legitimate.”
Month: March 2024
‘Industry turning on itself’: Banks’ anti-scam response ‘archaic’
A confirmation of payee service is a key priority for the industry, the New Zealand Banking Association says. It needs to be built and designed to suit the New Zealand situation, and it is currently assessing a few options with the preferred approach and delivery timeframe due to be announced at the end of April.
Government and victims demand banks protect customers from scams
The New Zealand Banking Association said customers can expect a fix by the end of the year, allowing months of time to pass while scammers could still take advantage of this New Zealand loophole.
New Zealand banks told to come up with a reimbursement scheme for scam victims by September
“We support the Banking Ombudsman’s call for digital platforms to remove fake websites more quickly. They’re often at the start of a chain of events that leads to a scam. To better protect New Zealand from scams we need a co-ordinated multi-sector approach where everyone plays their part”.
Banks given fraud ultimatum
Banking Association chief executive Roger Beaumont said: “Confirmation of payee will start to roll out by the end of the year, and our anti-scam centre is up and running, targeting money mules.” And, he said: “Banks will investigate a voluntary reimbursement scheme for customers who lose money in an authorised payment scam. That may help… Read more »
Consultation: Proposed fair outcomes for consumers and markets
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