POLICE---Public urged to proceed with caution after damaging banking scam resurfaces
Scammers behind fake term deposits scams have upped their game, and unfortunately, it means consumers need to be even more wary when making banking decisions.
Police are now issuing a warning to Kiwis to be alert when making enquiries into term deposits, with Detective Senior Sergeant Craig Bolton, Auckland City CIB, saying this particular scam is remerging under the guise of yet another bank.
“While at this stage, we in Auckland City are not immediately aware of receiving any reports relating to this new scam, we want our communities to be aware before it’s too late.
“This scam initially emerged in early 2023 and the modus operandi remains the same.
"Victims are entering their contact details online and talking to an ‘investment advisor’ on the phone, before completing online documents, which often look professional, before transferring their money into a NZ bank account," he says.
“At this point the money is usually transferred off-shore by the holder of that bank account."
Detective Senior Sergeant Bolton says Police have now been contacted by Kiwibank to let us know they have been made aware it is appearing again under their name.
“It’s just one of many sophisticated ways scammers are attempting to deceive hardworking New Zealanders for their own financial gain.”
Earlier this month, the Financial Markets Authority also issued an alert to advise of this particular scam.
Detective Senior Sergeant Bolton says Police are continuing to make enquiries into other matters involving other renditions of this scam.
“It is truly devastating to be the victim of a scam like this.
We have spoken to countless victims and made enquiries into numerous reports and we do not want to see more people falling victim to these types of scams.
“While Police will investigate and make enquiries where possible when these matters are reported to us, we want to assist with preventing it before it can even happen.”
Police recommend the following steps you can take to protect themselves from this scam:
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• Never enter contact details into any online website that offers ‘term deposit’ rates
• If you think you may have entered your contact details on a website offering fake term deposits, do not engage in conversations over the phone with a person purporting to be from a bank - disconnect the call and phone back on a number displayed on the bank’s website
• You can always call your bank to seek reassurance and confirmation you are talking to a trusted and legitimate employee
• Seek advice from a trusted friend or family member, or someone who has knowledge of investments before sending any money anywhere
• Check the URL of the website that you are directed to and confirm it is the valid website for the bank that you believe that you are dealing with
• The Financial Markets Authority publishes the names of suspicious companies on their website.
Detective Senior Sergeant Bolton says, unfortunately, there is never a shortage of scams the public should be wary of.
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“Please be vigilant with your money.
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We urge anyone who sees something online they think might be attractive or a great deal to do their research, speak to friends and family, check with the FMA, and don’t be afraid to question anything that may be out of the ordinary.”
If you believe you are or have been the victim of fraud, contact Police at 105.police.govt.nz , or call Police on 105 and report the matter.
Additionally, a number of resources are also available to those who believe they may or could be the victim of this type of offending.
There are several NZ Government websites that have information and advice to help avoid falling victim to common fraudulent activity and scams.
The Ministry of Business, Innovation and Employment has more information on how you can prevent yourself, family and friends from being scammed.
Visit www.consumerprotection.govt.nz...
The Financial Markets Authority provides helpful advice on its website to help avoid falling victim to online investments scams.
Visit www.fma.govt.nz...
CERT NZ provides advice on how to respond to an avoid cyber security incidents.
Visit www.cert.govt.nz...
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Poll: Are our Kiwi summer holidays helping us recharge, or holding the economy back? ☀️🥝
There’s growing debate about whether New Zealand’s extended Christmas break (and the slowdown that comes with it) affects productivity.
Tracy Watkins has weighed in ... now it’s your turn. What’s your take? 🤔
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73.1% We work hard, we deserve a break!
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16.2% Hmm, maybe?
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10.7% Yes!
Brain Teaser of the Day 🧠✨ Can You Solve It? 🤔💬
How many balls of string does it take to reach the moon?
(Peter from Carterton kindly provided this head-scratcher ... thanks, Peter!)
Do you think you know the answer? Simply 'Like' this post and we'll post the answer in the comments below at 2pm on the day!
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Minimum wage to increase from April next year, Govt commits to bigger rise than last year
The Government will increase the minimum wage by 2% from April next year.
Workplace Relations Minister Brooke Van Velden announced the hourly wage would move from the current $23.50 to $23.95 in line with advice from the Ministry of Business, Innovation and Employment.
“Moderate” increases of the minimum wage formed part of NZ First’s coalition agreement with National.
Van Velden says the new rate, which would impact around 122,500 New Zealand workers, strikes a right balance between keeping up with the cost of living – the Reserve Bank expects inflation to fall to around 2% by mid-2026 – and no adding more pressure to the costs of running a business.
The starting out and training minimum wage would be move to $19.16 to remain at 80% of the adult minimum wage.
The minimum wage was last increased on April 1 this year. That 1.5% increased to $23.50, affecting between 80,000 and 145,000 workers, was not at the time in line with inflation which sat around 2.5% in March.
“I know those pressures have made it a tough time to do business, which is why we have taken this balanced approach. With responsible economic management, recovery and relief is coming,” Van Velden said.
“I am pleased to deliver this moderate increase to the minimum wage that reflects this Government’s commitment to growing the economy, boosting incomes and supporting Kiwis in jobs throughout New Zealand.”
Official documents from the Ministry of Business, Innovation and Employment (MBIE) show the department provided the Minister with seven options for the minimum wage, ranging from maintaining the current rate or increasing by 3% up to $24.20 per hour.
A 2% increase was recommended, the Ministry said, as this was ”considered to best balance the two limbs of the objective - protecting the real income of low-paid workers and minimising job losses."
“CPI inflation forecasts suggest annual inflation will ease to be within the 2–2.5% range in the first half of 2026 and remain relatively stable at around 2% from June 2026 through to 2028.
“These forecasts indicate that a 2% increase would largely maintain the real income of minimum wage workers relative to the level of the minimum wage when it last increased on 1 April 2025.”
Officials said a 2% increase wouldn’t have significant employment restraint effects.
But given recent economic data, including a Gross Domestic Product (GDP) contraction and elevated unemployment, MBIE said it favoured a “cautious approach”.
“A 2% increase to the adult minimum wage is expected to affect approximately 122,500 workers, including those currently earning at or below the minimum wage, or between the current rate and $23.95.”
The key groups that would be impacted include youth, part-time, female, and Māori workers, as well as sectors like tourism, horticulture, agriculture, cleaning, hospitality, and retail.
“While these workers would benefit from a wage increase, they may also be more exposed to employer responses to increased labour costs such as reduced hours or adjustments to non-wage benefits,” the ministry said
“The estimated fiscal cost to government from this increase is relatively modest, at $17.5 million annually, consistent with the small cost estimates across all rate options.”
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