Safer Online Banking in NZ: What You Need to Know
Safer Online Banking in New Zealand: What You Need to Know 💰
Great news for online banking users in New Zealand! Banks are now required to use the Confirmation of Payee (CoP) system. This new feature significantly enhances security by making it easier to verify payment details, helping you avoid accidentally paying the wrong person or falling victim to a scam.
What if You Accidentally Pay the Wrong Account?
Even with enhanced security, mistakes can happen. If you accidentally transfer money to the wrong account, here's what you should do:
👉 Act Immediately: Contact your bank as soon as you realise the error.
👉 Bank's Role: Banks' ability to reverse payments varies. In most cases, they'll need permission from the recipient to retrieve your money. If consent is given, your funds will be returned.
👉 No Consent? Next Steps: If the bank can't get consent to reverse the transaction, you might need to escalate. For claims up to $30,000, the Disputes Tribunal is your next step. For amounts over $30,000, you'll need to make a claim at the District Court.
👉 Invalid Account Numbers: If you type in an invalid account number, your bank should be able to reverse the transaction, and you typically get your money back within a few business days.
👉 Fees Apply: Be aware that your bank will likely charge a fee for their payment retrieval or credit recovery service, even if they're unable to get your money back.
This new CoP system is a welcome step towards greater financial security for everyone in New Zealand. Stay vigilant and know your rights!
Info credit: Citizens Advice Bureau NZ
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Witnesses sought in relation to mass disorder on K-Road Auckland
Police are appealing to the public for any footage they may have of the mass disorder that occurred on Karangahape Road in Auckland in the early hours of Sunday 28 December.
Emergency services were called to the disorder around 3.41am where it is estimated around over 50 people were present.
A Police investigation is underway after there were three serious assaults on and around Karangahape Road during the mass disorder.
A portal has been set up to allow the public to upload any footage they have of the disorder and the serious assaults.
The portal is https://dahr.nc3.govt.nz/
Police have arrested one person but are asking for help to identify and locate others involved.
• Around 4:15am there was a serious assault outside the Crown Bar on Queen Street.
A 33-year-old man received serious injuries and was hospitalised.
The offender is still unknown, and the Police file number is 251228/4647.
• Around 4:30am there was another serious assault on a Cobden Steet just off Karangahape Road.
A 27-year-old man received serious injuries and was hospitalised.
The offender is still unknown, and the Police file number is 251228/4462.
• Around 5am there was third serious assault at the Mobil Service Station on the corner or Karangahape Road and Ponsonby Road.
A 46-year-old man received serious injuries and was hospitalised.
A 21-year-old man has been charged with wounding with intent to cause grievous bodily harm.
He has been bailed to appear in court again on 16 January 2026.
The Police file number is 251228/4774.
Police would like to speak to anyone who has witnessed or filmed the assaults.
Witnesses can call Police directly on 105.
Please quote one of the above file numbers.
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