Banking Ombudsman Scheme Backs Banks' Stronger Consumer Protections From Scams
The Banking Ombudsman Scheme has welcomed today's announcement by banks that they will crack down on scams.
Banking Ombudsman Nicola Sladden said the scheme had been calling for stronger consumer protections from scams for some time.
"We see first-hand the emotional and financial cost of scams. Beyond the monetary impact, victims endure the distress of being deceived, leading to a loss of confidence to operate online.
"Consumers are doing more and more online, making it increasingly vital they have a safe digital environment in which to make payments and transfer money.
"We're pleased the confirmation of payee system is now in place. It's an obvious way to fight back against scammers."
Ms Sladden also welcomed other initiatives such as greater sharing of intelligence, improved fraud detection systems and warnings for high-risk transactions.
"These initiatives will all help in the fight against the scourge of scams. However, for scam prevention measures to be truly successful, more cross-sector collaboration is needed.
"New Zealand will not be able to defeat scammers unless all relevant government and non-government organisations work in concert. Scammers will continue to exploit vulnerabilities in the eco-system, so any counter-measures must be equally broad in scope."
She said the Government, relevant agencies such as the police and the National Cyber Security Centre, banks, telecommunications companies and digital platforms must work together to make scam prevention stronger at every level.
"We also welcome the updated Code of Banking Practice. It is a step forward. The updated Code now provides a basis for banks to compensate customers for scam losses for both authorised and unauthorised payment scams."
Ms Sladden said the scheme believed the introduction of comprehensive, mandatory codes of practice for banks, telecommunication companies and digital platforms governing their responsibilities in preventing scams and the scope of their liability in the event of scam losses was long overdue.
"Enforceable standards will help lift the bar on preventing scams. Such standards will provide clarity for consumers and industry, which will help deliver effective resolution.
"We look forward to increased collaboration with banks, consumer groups, regulators and government agencies to prevent scams."
The scheme received 949 scam cases in the 2023-24 financial year. The average loss for escalated scam cases (disputes) was $80,000 - up from $57,000 the previous year.
About the scheme
The Banking Ombudsman Scheme is a free and independent dispute resolution service. We look into complaints by customers about their banks. Sometimes we make formal decisions, but often we facilitate outcomes agreeable to the customer and the bank before that. We also help in other ways, such as offering information and guidance on banking matters. We put the customer at the heart of what we do.
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