15 Sep 2021

Online scams up 79% - and just the "tip of the iceberg"

From Nine To Noon, 9:05 am on 15 September 2021

The Financial Markets Authority is warning of a steep rise in New Zealanders falling for investment scams with the number of complaints up 79​ per cent in the first half of the year, compared to the same period in 2020. From January to June, the FMA received 158​ complaints about investment scams and fraud, up from 88​ a year ago. The FMA says scammers are taking advantage of the pandemic crisis either by using Covid-19 as part of their pitch, or using the economic climate to prey on peoples' fears.

 It's noted since the start of the pandemic, there has been a rise in three new types of scams; those using social media to make contact with victims, romance - investment scams, and those using imposter websites that closely resemble legitimate businesses. Lynn speaks with FMA general counsel Liam Mason, Banking Ombudsman Nicola Sladden and Netsafe chief executive Martin Cocker. 

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Photo: 123RF