21 May 2024

Andrew Bayly on bank scams, KiwiSaver and market competition

From Nine To Noon, 9:05 am on 21 May 2024

New Zealand's banking sector is years behind its counterparts when it comes to open banking and better protecting customers from scams. 

Open banking would allow for safer use of third party apps such as those that make budgeting and payments easier. 

Scams are increasing in number and complexity and they are finding success with consumers here losing an estimated $200 million a year.

There have long been calls for implementing account name-checking - such as a 'confirmation of payee' service. 

Consumer says CoP would immediately prevent some scams, and it has been in the UK for five years now.

In a recent case, New Zealander Mark Geraets - a retired school principal - lost his retirement savings. He shares his story.

Commerce and Consumer Affairs Minister Andrew Bayly talks to Kathryn about his expectations around banks dealing with scams as well as other issues in his portfolio.

National Party MP Andrew Bayly

Photo: RNZ / Angus Dreaver