Author: Philip vanDyk

NZ banks roll out stronger scam protections and new compensation model

“These new scam protection measures are a huge step up in the fight against scams. Banks already do a lot to identify and help prevent scams, and these new measures will enhance tech solutions to help protect customers from increasingly sophisticated scams,” said NZBA chief executive Roger Beaumont.

NZ banks to reimburse some scam victims up to $500,000

Where a bank fails to meet the five new commitments, institutions will compensate all or part of the loss for eligible customers. Banks will also retain the discretion to pay compensation beyond what is set out in the code.

Banks step up customer scam protections and compensation

New Zealand’s banks are bringing in a suite of new measures aligned with global best practice to further protect New Zealanders from criminal scammers. The New Zealand Banking Association today announced a suite of consumer protections that will be progressively rolled out over the next seven months. The banks’ consumer protections will include: Pre-transaction warnings… Read more »

NZ banks stepping up moves to protect customers from scams with reimbursement for victims of up to $500k, but warn they can’t take on full liability for scam losses beyond their control

“Banks will use this time to ensure the new consumer protections work well from the start. That includes designing and implementing changes to each bank’s systems, processes, and staff training, alongside other change priorities. The updated Code of Banking Practice will go live on 30 November 2025 once all the new measures are in place.”

New Zealand Banking Association updating practice code to better prevent scams

“Banks are stepping up their customer protections and will be accountable for those measures, but they cannot take on full liability for scam losses that are beyond their control and may, for example, start with a fake ad or chat on social media, or a fake search engine result,” he said.

Home lending up

Retail banking insights released today by the New Zealand Banking Association showed both the number and value of home loans in the second half of 2024 increased significantly compared to the first half. The insights show there were 56,938 new home loans in July to December 2024, up 21% from the previous six months. The… Read more »