$265 Million Drained: New Zealanders Fall Victim to Sophisticated Bank Scams

New Zealanders have lost a staggering $265 million to bank scams in the past 12 months, according to data compiled from 12 major banks. The figures, released by Payments NZ, reveal how quickly fraudsters are exploiting both online payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and personal banking details.

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The report highlighted two main types of scams: those where victims are tricked into sending money and those in which personal information is stolen without the account holder’s knowledge.

Cases of Phishing Scams

“The report shows a reported gross figure of $265 million was taken from Kiwi accounts by scammers,” the announcement noted. “This includes both cases where people were tricked into sending money and those where personal details were stolen without the knowledge of the account holder.”

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Experts warn that scammers are constantly finding new ways to trick people. Regular vigilance, cautious handling of messages and emails, and awareness of personal data security can significantly reduce the risk. Banks and consumer protection agencies continue to provide resources to help individuals stay informed and safeguard their finances.

In the past, New Zealand’s financial market regulator targeted several avenues in an attempt to curb fraud. The FMA earlier reported that many users have fallen into scam investments after receiving unexpected invitations to join online chat groups.

Scammers Exploit Chat Groups

These messages, often unsolicited, lure recipients into discussions about investing, prompting concerns over the rapid spread of such schemes across multiple social media platforms. The FMA warned that fraudsters frequently impersonate bank or investment firm employees, presenting seemingly attractive investment opportunities.

In the crypto space, New Zealand also announced plans to ban cryptocurrency automated teller machines, with a NZ$5,000 limit on international cash transfers, Associate Justice Minister Nicole McKee said. Currently, more than 200 crypto ATMs reportedly operate across the country, according to Coin ATM Radar, and these machines will need to be removed once the ban takes effect.

McKee said the measures are part of a broader effort to combat money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term and organized financial crime. By restricting access to crypto ATMs, authorities aim to make it more difficult for criminals to convert cash into high-risk assets like cryptocurrencies.