Banks in New Zealand have committed to introducing a range of initiatives to fight fraud and payment scams.

The New Zealand Banking Association (NZBA), an industry body for financial institutions in the country, said banks have begun making investments into measures such as identifying unusual spending on credit cards, having the ability to warn of potential scams when customers are making payments in suspicious circumstances, and shutting down fake bank websites and phone numbers used in scams.

NZBA chief executive Roger Beaumont said that while the commitments by retail banks are expected to have a positive impact in tackling fraud and scams. However, he noted that the banking industry can’t address this issue in isolation.

“The approach falls into three areas of focus, making it harder for criminals to operate in New Zealand, making it harder for them to target New Zealanders, and supporting ongoing public awareness of scams and how to identify them,” Beaumont said.

“Our retail banks already have systems in place to help detect and warn customers about potential scams and the further initiatives announced by the industry today are expected to have a significant impact in combatting scams.”

“But we have reached a point where a new approach to fighting fraud and scams is required and this will need the involvement and investment of all affected sectors,” he added.

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