Keeping safe from scams and banking fraud

The Financial Markets Authority (FMA) is warning New Zealanders to beware of scams using fake endorsements supposedly coming from New Zealand politicians. Their names and images are being faked and misused to promote online investment schemes.  

This scam uses fake news stories, spread through multiple websites and advertisements, with the names of investment schemes and websites used to promote the scam changing frequently. 

In October 2024, the scam featured fake news articles featuring claims that New Zealanders will receive “income” or “dividend” payments from Inland Revenue (IRD). The fake claims say that money will be sent to New Zealanders after they sign up with an online investment platform.  

The IRD has confirmed these claims are false. There is no pool of tax funds becoming available for distribution to New Zealanders. 

You can read more about this scam on the FMA website.  

What to do: 

The FMA recommends extreme caution when engaging with social media advertisements or links in news aggregators that include fake political endorsements promoting investment opportunities. 

Do not click on these ads or links, and do not enter your personal information into these websites. 

If you have been contacted by a scammer after entering your personal information into one of these websites, do not make any payments or transfer any money to the scammers.  

Source: FMA 

We have received reports of TSB branded email scam targeting customers. The email tells the recipient that they need to restore full access to their account by clicking a link. This takes the recipient to a website that looks like TSB’s Online Banking portal. It then prompts the user to enter their online banking login details, credit or debit card details, and a SMS code to ‘make sure you are the account owner.’ The scammers will use these details to make fraudulent payments.  

This is a scam, and you should not engage with the sender. If you think you have provided your account or card details, please call us immediately on 0800 872 226.

We’re currently aware of a TSB branded phishing email scam prompting recipients to confirm their account and card details.

Users will be taken through several screens asking for confirmation of their account details and card numbers. The scammers will use these details to make fraudulent payments. They will then ask recipients to provide a confirmation SMS code to authorise these payments.

This is a scam, and you should not engage with the sender. If you think you have provided your account or card details, please call us immediately 0800 872 226.

The Financial Markets Authority (FMA) is aware of an investment scam currently circulating New Zealand involving multiple WhatsApp groups, websites and investment platforms.  

Some of these websites may have obtained licenses from overseas authorities or appear to be endorsed by media articles which have been written and distributed by the investment platforms to provide credibility. 

The FMA reminds the public to always check the Financial Service Provider Register (FSPR) to see if an entity is registered to provide financial products and services to New Zealanders. 

You can read more about this scam on the FMA website. 

Police have informed NZ banks that scammers are impersonating the police ‘fraud squad’ claiming to be investigating counterfeit cash.  

The scammers are instructing customers to withdraw large sums of money and read out the serial numbers to them. The scammers then say the notes are fake and are arranging to meet the person to take the cash from them.  

If you receive any contact from the ‘police fraud squad’ about this scam, cease all contact immediately. If you think you may be caught up in this scam, call 111.  

Following the global IT outage on 19 July 2024 linked to an update from cyber security firm CrowdStrike, there has been an increase in scams and phishing attempts.  

Please be extra vigilant of phone calls, emails, and text messages from those claiming to be from CroudStrike, Microsoft, or offering tech help and advice.  

If you unexpectedly receive a message like this, don’t click links or attachments, and don’t engage by replying to the message. 

Remember, TSB will never ask for your login details, to download remote access software, or text you with instructions to follow a link. 

We are aware of scammers targeting customers with a fake TSB phone number and pressuring them to provide codes sent to their phone. 

These codes are needed to authorise payments, known as two-factor authentication (2FA). Scammers are using these codes to make fraudulent payments. 

TSB will never ask you to provide these codes, and you should never provide them to anyone. We will also never ask you to provide your login details for online banking or the app, or for remote access to your device.   

If you are ever unsure that a call from TSB is legitimate, hang up and call us back on 0800 872 226. You are not obligated to answer any questions or stay on the phone if you don’t feel comfortable doing so.  

Scammers are duplicating our TSB phone number to call customers, pretending to be from TSB. They are also directing people to a fake Google business listing titled ‘Tsb bank - Taranaki’ to confirm our 06 phone number that they are currently duplicating and using for fraudulent purposes.

Here’s what we will never do. We will never:

• Ask for your online banking or TSB app login details or for remote access to your device. 
• Ask you to transfer any of your money to a ‘safe’ or ‘secure’ account.
• Ask you to check our TSB business details on Google under ‘Tsb bank - Taranaki’.

If in doubt, hang up and call us back on 0800 872 226. You are not obligated to answer any questions or stay on the phone if you don’t feel comfortable doing so.

A fake TSB investment prospectus is being sent using TSB branding. Scammers may be using identities of TSB employees in emails and are asking recipients to open a term deposit account. This is a scam and you should immediately cease communication if you receive this email. Please report to us at report@tsb.co.nz   

Fraudulent TSB website

We have been made aware of a company called Private Citizens Bank using the address “p-citizens.com” that is fraudulently using our former TSB website interface and branding. This website appears to offer banking, money lending, stock trading, and other similar financial services. This has no affiliation with TSB, and using this company’s services may put your personal data and security of your device at risk.  

TSB smishing scam

We are aware that a smishing scam is targeting people with an SMS purporting to be from the TSB Fraud Team. The message asks the recipient to confirm a payment, and to contact “our fraud team” on 09 871 3833. This is a scam, so if you receive this message, do not engage. You can report text messages for free by forwarding them to the Department of Internal Affairs on 7726. Once reported, block the sender and delete the message.  

There is a SMS phishing scam currently targeting TSB customers. The SMS says your account access has been temporarily suspended due to a new payment, and to follow a link to reactive it. Remember, TSB does not contact you via SMS asking you to click links, provide your security credentials (including passwords or PINs), or to download remote access apps onto your device(s).

Currently for online payments, if the payee’s name entered doesn’t match the name on the account being paid, banks will still transfer the funds. 

Scammers use this to trick people into transferring money for a supposedly legitimate purpose (e.g. ‘ABC Charity’) when the account is actually used for fraudulent purposes (e.g. owned by a scammer).

The New Zealand Banking Association is working with NZ banks to implement a ‘confirmation of payee’ service from the end of 2024. Confirmation of payee should help anyone making an online payment from one bank account to another to check the name of the account they are paying to make sure it’s the right person or company. The service will also need to comply with privacy law and banks’ obligations to protect customer confidentiality.

We rely on customers to give us the correct account number for the person or organisation receiving a payment. Please note, we are unable to review details customers give us, for example checking the account name matches the account number.

Make sure you double check the payment details before making an online payment from your bank account. Check the account number is correct and the person or organisation you’re sending the money to is genuine.

Seniors are at greater risk of financial abuse. Someone may steal your money or property, fail to repay money you’ve lent them, or force you to give them money or sell your property for their benefit. Financial abuse might be unintentional, or explained away as ‘for their own good’.

Scam emails asking for your bank or log-in details can look like the real deal. Known as ‘phishing’, fraudsters use them to try and get hold of your details. They often include a link to a fake website, where you’ll be asked to enter your details. Even just clicking the link could activate a virus, so don’t open it, hit delete.

No one wants to believe that a trusted family member or friend would ever scam you but children, siblings and even parents are known to steal credit card account numbers. 

It can be as simple as family members making purchases without your knowledge.

Identity theft is when someone fraudulently uses another person’s identity. A fraudster may use your identity to gain access to your bank account, or to get credit such as a home loan, or credit card in your name.

Investment scams are on the rise. Often scammers will contact people by cold calling or messaging via text or social media claiming to be a broker or account manager. Scammers also place ads online that appear when you search for investment opportunities.  

Recently there have been many cases of scammers pretending to be from legitimate financial service providers, particularly in for cryptocurrency, clean energy bonds, and term deposits. The FMA publishes a list of current scam warnings and alerts on their website.

Keep yourself safe from investment scams:  

• Don’t respond to unsolicited investment offers.  
• Do your due diligence – check the FMA website to see if the company is licensed and registered. 
• Consider the offer being made – if it sounds too good to be true, it probably is. 

Fraudsters use all sorts of cons over the phone and it’s sometimes difficult to tell the difference between a cold call trying to sell you something and a scam. Never give your details to callers, however genuine they seem – and don’t be afraid to hang up and call the company back on their official phone number.

Recovery scams are when criminals contact someone who has lost money due to a scam and claim they can recover the lost funds. They’ll ask you to pay an upfront fee for their help. This is simply another scam. Please be careful about who you discuss a fraud case with.

Scammers will take advantage of people looking for romantic partners, often via dating websites, apps or social media. Dating and romance scammers will express strong emotions for you in a relatively short period of time. Once they have gained your trust, they will ask you for money, gifts or your personal data.

Social media scams are usually cunningly crafted by a scammer to appear genuine, using official brand logos, made up terms and conditions and include a link to enter your details.  Clicking on these links sends your personal information to third parties. If it’s too good to be true, it probably is.

Scammers often send texts with malicious links to install malware on your device or prompt you to enter your personal information. If you unexpectedly receive a message, don’t click links or attachments, and don’t engage. Check directly with the business on their publicly available number if you’re unsure. You can report text messages for free by forwarding them the Department of Internal Affairs on 7726.  

There are many text message scams going around right now. The ones that trick people are day to day messaging about bank accounts, tolls, car registration or courier packaging. 

They ask recipients to click on a link to complete an ‘urgent’ action.  

If you unexpectedly receive a message like this, don’t click links or attachments, and don’t engage. Check directly with the business on their publicly available number if you’re unsure.  

You can report text messages for free by forwarding them the Department of Internal Affairs on 7726. 

Once reported, block the sender and delete the message.   

Many people have found themselves losing money every year by not reading the fine print of free trials. When it comes to signing up for a free trial, if a company requires you to provide them with your credit card number before the first shipment goes out, it can be a red flag that shows they intend to charge you in the future.