- The NZ Banking Association said last week that the industry was focusing on a number of initiatives to fight fraud and scams, including real-time information sharing between organisations affected by scams, and a confirmation of payee account name checking service.
- According to the New Zealand Banking Association, banks have made significant investments when it comes to fraud analytics and prevention. These investments aim to help identify unusual spending on credit cards and check with customers before processing those payments, as well as warn of potential scams when customers make payments in suspicious circumstances.
- As part of the banking industry’s Friday announcement, the NZBA said the industry supported a national anti-scam centre, would remove hyperlinks from text messages and would work together to freeze mule accounts, used to siphon stolen money from victims.
- New Zealand Banking Association chief executive Roger Beaumont said, “The joint commitment by retail banks is expected to have a positive impact in tackling fraud and scams.”
- NZBA is backing the establishment of an anti-scam centre, similar to that in Singapore, to “provide a centralised and coordinated multi-sector approach to fighting scams from a New Zealand-wide perspective.”
- “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 »
- NZBA Chief Executive Roger Beaumont said the commitment to these initiatives to fight fraud and scams would lead the way for a significant, co-ordinated, multi-sector approach to protecting New Zealanders.
- Banking Association Te Rangipū Pēke chief executive Roger Beaumont said banks had agreed to work to create an industry-wide “confirmation of payee” account name checking service.
- “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 »
