“We submit that the FMA could make it clearer that the outcomes won’t be used as a tool to penalise financial institutions for outcomes that may seem unfair with the benefit of hindsight,” the NZBA submission says.
Author: Philip vanDyk
New Zealand Banking Association calls for less restrictive debt-to-income limits for home lending than the RBNZ wants
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.
Scambusters: Opinion – what banks are doing about scams and how others can help
Scams are not just a bank problem. Banks tend to be at the end of a chain of events that leads to a criminal stealing money from someone. Scams often start when people are deceived by fake websites, emails, texts, social media ads, and phone calls. Everyone needs to play their part in preventing criminals… Read more »
Scambusters: ANZ bank expert explains money mules
“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.
Government support to fight scams welcomed by banks
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 »
Raising the bar in the fight on scams
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 alarmed at calls for compensation for scams
“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.”
Scambusters: Anatomy of a scam – why it’s called phishing
“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.
Consultation: Enhancing the efficiency of macroprudential policy: activating DTIs and loosening LVRs
Reserve Bank of New Zealand
Scambusters: The $2 billion digital ‘ram-raids’ – inside the scams and the fraudsters targeting your money
“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 »
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