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.