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Abstract:Beware of rising investment scams in New Zealand! Stay vigilant and protect your finances from fraudsters. Learn how to safeguard your assets.
The New Zealand Financial Markets Authority (FMA) is starting an all-out push to educate the public about the rising threat of investment scams during Fraud Awareness Week 2023. This action follows the disturbing discovery that approximately $200 million has been lost by New Zealanders to scammers in the last year alone, illustrating the frightening escalation in complexity and size of these fraudulent operations.
The FMA's latest data paints a grim picture: more than 1300 complaints and 373 warnings regarding investment scams have been reported since 2020. What's even more distressing is the evolving nature of these scams, which now encompass fake investment prospectuses and misleading term deposit comparison websites.
These scams are not sparing even the most seasoned investors, and the FMA is deeply troubled by their increasing targeting of vulnerable communities within New Zealand. False investment advertisements on social media platforms are also running rampant.
Peter Taylor, the FMA Director of Specialist Supervision and Response, who also serves as the Senior Responsible Officer for Scam Prevention and Coordination, emphasizes the gravity of these financial crimes:
“Scams and fraud are financial crimes that cause individuals great harm.” Preventing these crimes is critical for maintaining trust in our markets and financial services. This week is an essential time to raise awareness about the consequences of fraud and how to protect yourself.
Taylor goes on to explain that the FMA has made combating scams a top priority this year. Recently, the heads of the Council of Financial Regulators endorsed the FMA's leading role in developing a comprehensive, system-wide response to this menace. The agency is actively exploring ways to enhance coordination and cooperation among various stakeholders, including industry groups and government agencies.
In a unique and engaging move, the FMA has partnered with comedian Tom Sainsbury to help illustrate the nature of investment scams. This shift towards relatable and entertaining methods of education is aimed at reaching a wider audience. Additionally, the FMA offers a wealth of resources on its website to assist New Zealanders in identifying and avoiding scams, including a list of public warnings and regular email updates.
The FMA's role extends beyond raising public awareness; it actively collaborates with numerous agencies as part of the Interagency Fraud Working Group. This group includes entities such as MBIE, CERT NZ, Netsafe NZ, the Serious Fraud Office, and others, all dedicated to informing consumers and businesses about scams in New Zealand.
Moreover, the FMA co-chairs the Council of Financial Regulators alongside the RBNZ, Commerce Commission, Treasury, and MBIE, underscoring its commitment to fostering greater coordination in the battle against financial scams.
The regulator's proactive stance and collaborative efforts signify a holistic approach to tackling the surging wave of investment scams in New Zealand. By combining awareness campaigns with strategic partnerships and interagency cooperation, the FMA is not only addressing the current landscape of financial fraud but also strengthening the nation's defenses against future threats. As New Zealanders navigate an increasingly complex financial environment, the FMA's initiatives provide a guiding light and a shield of security. Together, we can combat investment scams and protect our hard-earned money.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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