ASB is welcoming the launch of a comprehensive Anti-Scam Alliance which it says is a positive move in the fight against fraud and scams.
Chief Executive Vittoria Shortt says while the banking sector has invested significantly in fraud and scam prevention, detection and awareness for many years, having a formal alliance between Government, police, consumer groups and a range of impacted industries will make a real difference.
“Banks and telcos have been working very hard, both individually and together, for some time, to tackle fraud and scams. We’ve partnered with others in the industry like consumer groups and police, but the real power comes in a true all of ecosystem approach, as Minister Simpson has announced today.
“We’re pleased to see digital and social media companies join the charge. Each member of the alliance brings unique skills and experience which will improve our collective ability to fight fraud and scams. The formal involvement of Government will also enable stronger collaboration and commitment and more resource and expertise so we can continue to work together to keep New Zealanders safe.”
ASB has spent around $140 million fighting fraud, scams, financial crime and cybercrime this financial year, and has invested in a number of customer initiatives. This includes tools such as Caller Check, which was launched in March and combats bank impersonation scams, and ASB’s 24/7 fraud line, which has received more than 21,000 calls outside of regular bank hours since it was launched in February.
The industry has also been working closely together on Confirmation of Payee and increasing information sharing to better target money mules as part of ongoing collaborative work.
“We know there is still more to be done, but today’s announcement is another step forward and we will continue to build on the work we’re already doing in this space,” says Shortt.
