“Our retail banks already have systems in place to help detect and warn customers about potential scams and the further initiatives announced by the industry today are expected to have a significant impact in combatting scams. But we have reached a point where a new approach to fighting fraud and scams is required and this… Read more »
Author: Philip vanDyk
Banking industry to lead the way on national cross-sector approach to scams
The retail banking industry today announced a number of key initiatives to further fight fraud and scams, leading the way for a significant, co-ordinated, multi-sector approach to protecting New Zealanders including: Supporting the establishment of a centralised, co-ordinated, multi-sector national Anti-Scam Centre Instigating an industry wide ‘confirmation of payee’ account name checking service Committing to… Read more »
Wānanga launched to support whānau financial literacy
A new financial capability programme specifically focused on Māori is being launched this weekend through wānanga being held in Te Tairāwhiti, and later in Ōtautahi. The initiative, called Te Rito Hou, a Sorted programme for whānau, has been realised through a partnership between Tāwhia – the Māori bankers’ group, the New Zealand Banking Association –… Read more »
Financial losses from cyber incidents down, says Cert – but survey indicates huge under-reporting
“Scam-related crime is increasingly sophisticated and constantly evolving. Scams go much wider than banks, which are usually at the end of the chain of events that makes up a scam that tricks you into paying a criminal or allowing them access to your bank account.”
Financial expert Janine Starks calls for Banking Ombudsman to jointly investigate scam cases, cites ‘negligence’ by banks
“There’s no silver bullet for solving scams and what’s needed is a multi-pronged approach and the involvement and investment of all affected sectors, including government agencies, telcos, social media companies, and internet service providers.”
Heartland breaks ranks to allege ‘distorting’ behaviour by big banks
The Banking Association, which represents all 18 registered banks, has not made a submission to the Commerce Commission inquiry, at this stage. Chief executive Roger Beaumont says he doesn’t intend to comment on others’ submissions, including those of the association’s member banks. “We wish to respect the market study process and let it run its course.” he says.
Banks and insurers say they didn’t lobby National to scrap ‘fair conduct’ laws
The Banking Association and the FSC said they were ready to work with whatever government was voted into power at the October general election. The Banking Association noted that the Government had already committed to reviewing the lending law changes National intended to repeal.
Tinder ‘swindler’ scam: Parliament briefing calls for banks’ processes to be strengthened
The committee also recommended the Government urge the New Zealand Banking Association to update its Code of Banking Practice to “offer further measures that help protect consumers from scams and fraudulent activity”.
Call Centre Olympics: Fair Go tests bank call centre response times
“Name to number matching is a complex issue, impacting customer privacy and account name practices,” said NZ Banking Association chief executive Roger Beaumont.
Big banks’ smalltown challengers find hope in profits inquiry
“Our banks are highly regulated, well capitalised, and profitable,” says Roger Beaumont. “That helps makes them resilient, and with recent overseas bank failures we’ve seen why that’s important.”
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