Scam defence also revealed
BNZ has reported a dramatic rise in scams, with $198 million lost in the last year and nine out of 10 New Zealanders targeted, affecting not only finances but also personal security and online confidence.
Ashley Kai Fong, head of financial crime at BNZ, said the prevalent scams hitting Kiwis include phishing, investment scams, invoice scams, bank impersonation, and online shopping scams, each with unique tactics to exploit unsuspecting victims.
Phishing scams: A persistent threat
Phishing scams employ various strategies to extract personal information, such as login credentials, passwords, and credit card numbers. They commonly use urgent appeals through counterfeit emails, texts, or website links resembling those of genuine businesses to solicit personal or financial information.
Investment scams prey on hopeful investors
Investment scams target people who have been actively searching for investment opportunities online, enticing them after they've entered their details on websites. Scammers then initiate contact, presenting various offers ranging from managed funds to cryptocurrencies and real estate.
These fraudsters press their targets to make swift investments to supposedly avoid missing out, promise unusually high returns, and often advise keeping the opportunity secret.
Invoice scams trick businesses
Invoice scams commonly target businesses by sending fraudulent invoices for goods or services that were never provided. These scammers capitalise on trust and familiarity, masquerading as legitimate suppliers or service providers while changing the bank account details for payment.
Bank impersonation scams create urgency
In these scams, fraudsters impersonate bank employees or financial institution representatives to steal personal information or money. They use urgent messages or calls, purportedly from the bank's "fraud" department, to create panic and prompt quick action. Common tactics include alarming notifications about unauthorised account access or payments, urging victims to respond immediately.
These scams are particularly convincing and challenging for New Zealanders to recognise, Fong said.
Online shopping scams: Too good to be true
Online shopping's popularity is rising in New Zealand, with events like Black Friday and Cyber Monday boosting the hunt for bargains. However, these deals can sometimes be misleadingly attractive, making shoppers more vulnerable to scams.
Fraudsters create counterfeit websites mimicking well-known brands to lure shoppers. Unsuspecting customers, enticed by these "bargains" found through Google searches or web ads, may end up purchasing products that never get delivered.
BNZ on the ultimate scam defence
The most effective safeguard against scams is being informed. Recognising scam indicators significantly reduces the likelihood of falling prey to them.
“We encourage people to take a look at the tools available online and refresh themselves so they can be better protected BNZ Scam Savvy (getscamsavvy.co.nz), and for information on the scams we are currently seeing, visit bnz.co.nz/latestscams,” Fong said.
Those who suspect a scam or inadvertently disclose financial information are urged to contact their bank without delay. Kiwis are also advised to enhance their digital security by setting automatic updates for their computer and phone's security software.
For the full BNZ report, click here.
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