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 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.”

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 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.

This article was written by Jared Kirui at www.financemagnates.com.

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