Business

Rise in scams & fraud: How are banks responding?

09:05 am on 21 August 2023

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Photo: Photosport

Earlier this month Nine to Noon looked at the issue of online fraud and whether banks could - and should - be doing more to protect customers' losses. 

Kathryn spoke with Jon Duffy from Consumer NZ about whether the New Zealand Code of Banking Practice was robust enough to protect Kiwi bank users, and anti-scam consultant Bronwyn Groot about the increasing sophistication of scammers.

Millions are being stolen from Kiwis each year - likely a gross underestimate of the true situation because many victims feel embarrassed and don't report their losses.

Nine to Noon has been seeking a discussion with the heads of the major banks in New Zealand to talk about the rise of online scams and how they're dealt with.

Only one agreed.  This morning Kathryn speaks with ANZ's CEO Antonia Watson.