Month: March 2024

Understanding the most dangerous payment scams

“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.”

‘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.

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 »