Articles tagged with Fraud
NZ Banks Gain Freedom to Share Fraud Data, Cutting Red Tape and Boosting Security
4 weeks ago | 132 viewsAssociate Justice Minister Nicole McKee has introduced a ministerial exemption to the AML/CFT Act 2009, allowing banks to share anti-money laundering information to better prevent fraud and scams. This reduction in red tape enables banks to act faster and collaborate more effectively to freeze scam transfers before funds are lost overseas. The government aims to create more agile regulatory settings by freeing businesses from excessive compliance burdens while targeting actual financial criminals through wider AML/CFT reforms.
Tags: Nicole McKee Associate Justice Minister New Zealand fraud prevention scams banks regulatory reform financial crimeNew Zealand Introduces Safe Harbour Laws to Combat Online Scams Faster
1 month ago | 180 viewsThe New Zealand Government is introducing safe harbour legal protections to enable banks, telecommunications providers, and digital platforms to act swiftly and confidently in blocking suspected online scams without fear of prosecution. These protections require reasonable grounds for suspicion, proportional action, and correction of any unintended disruption, supporting a prevention-first approach against scams that caused $265 million in losses last year. Complementing this, the New Zealand Anti Scam Alliance is developing a trusted flagger system and new fraud intelligence tools to identify and freeze suspicious accounts, enhancing cross-sector collaboration to combat evolving scam threats.
Tags: Scott Simpson New Zealand Anti Scam Alliance Payments NZ New Zealand Banking Association Commerce and Consumer Affairs safe harbour fraud intelligence tool mule accounts online scams trusted flagger systemNew Zealand Bolsters Cybercrime Protection with Budapest Convention Passage
4 months ago | 1125 viewsNew Zealand passes legislation to enhance protection against cybercrime, with 11% of citizens falling victim to online threats in 2024, resulting in significant emotional and financial harm. Joining the Budapest Convention will enable cooperation with other countries in criminal investigations and align domestic laws with international standards. Provisions in the Bill include new preservation directions, amendments to enhance mutual assistance in criminal matters, and updates to the Crimes Act to address cybercrime comprehensively.
Tags: New Zealanders cybercrime legislation Paul Goldsmith fraud National Cyber Security Centre Budapest Convention Council of Europe Convention on Cybercrime law enforcement agencies criminal investigationsGovernment Launches Anti-Corruption Taskforce Pilot to Safeguard Public Funds
5 months ago | 880 viewsA cross-agency Anti-Corruption Taskforce pilot led by the Serious Fraud Office, supported by NZ Police and the Public Service Commission, aims to combat corruption and fraud risks in the public sector. The taskforce seeks to enhance New Zealand's reputation as a transparent and trustworthy place to invest by strengthening fraud prevention and detection systems within participating agencies. By promoting ethical conduct, transparency, and accountability, the taskforce aligns with the Government's efforts to maintain public trust and integrity in institutions.
Tags: Government Public Sector Mark Mitchell Judith Collins Serious Fraud Office NZ Police Public Service Commission Corruption Fraud