The New Zealand Banking Association has unveiled new measures to amplify their fight against financial scams.
These proactive steps are aimed at countering scams specifically aimed at bank customers, amidst rising concerns over increasing instances of fraud.
The New Zealand Banking Association acts as the voice for the country’s largest banks. Their role involves advocating for the interests of the banking sector, and ensuring that customers receive secure and reliable banking services.
The banking industry has announced the formation of a centralised, coordinated national Anti-Scam Centre. Furthermore, they plan to instigate an account name checking service, commit to eliminating all web links from text messages to customers, and explore the potential of sharing real-time information between organisations affected by scams.
The rollout of these initiatives will be staggered, with their introduction timelines based on the complexity and feasibility of each measure.
Across the Tasman Sea, Australia is also setting the stage to combat scams more effectively. Home to the headquarters of four of New Zealand’s largest retail banks, Australia has initiated a specialist unit comprising of government, law enforcement, and private sector professionals to disrupt scams and minimise losses.
New Zealand Banking Association chief executive Roger Beaumont said, “The joint commitment by retail banks is expected to have a positive impact in tackling fraud and scams.”
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