- “To truly strengthen New Zealand’s scam defences, everyone in the ecosystem needs to step up, and that includes government, telcos, social media companies, and search engines. Banks can’t protect New Zealanders on their own.”
- The NZBA has requested operational support from other government agencies, that letters of expectation be sent to relevant industry participants such as telcos and social media companies, and that the Commerce and Consumer Affairs minister help co-ordinate action.
- “Scams aren’t just a bank problem – people are deceived by fake websites, emails, texts, and social media ads. Government and other industries, particularly social media companies, also need to step up.”
- Banks already invest significantly in fraud analytics and prevention to identify unusual customer spending patterns, warn customers of potential scams, and shut down fake bank websites and phone numbers used in scams, he says.
- “To truly strengthen New Zealand’s scam defences, everyone in the ecosystem needs to play their part – and that includes government, telcos, social media companies, and search engines. Banks can’t protect New Zealanders on their own.”
- One of the things that I hadn’t appreciated before meeting with the NZBA was that in many cases, banks don’t have much discretion under the Credit Contracts and Consumer Finance Act to give quick loans and overdrafts in an emergency – the regulations simply don’t allow it.
- Banking Association Chief Executive Roger Beaumont told Mike Hosking that the commission also recognised the impact of industry regulation. He says the regulation banks have been required to do is off the charts and has been a handbrake on innovation.
- “We are pleased to see the commission recognises the significant impact regulation has on consumers,” said New Zealand Banking Association chief executive Roger Beaumont.
