Financial Crime World

Financial Crime Trends in New Zealand: A Growing Concern in 2023

As we enter the new year, experts at CERT NZ are sounding the alarm on the increasing threat of financial crime in New Zealand. According to Hervé Le Goff, a senior analyst with the Threat and Incident Response team, phishing and credential harvesting remain the biggest threats to Kiwis, with a 16% increase in reports in 2022.

The Growing Threat

Last year saw a staggering $17.1 million lost to scams and fraud, with unauthorized money transfer scams claiming the largest chunk at $5.9 million. These schemes often involve convincing targets to pay small fees for services or products, only to unwittingly sign up for recurring subscription payments.

In 2023, CERT NZ is already seeing a surge in investment scams targeting New Zealanders. These scams use clever tactics such as fake job offers and manipulated search results to lure victims into fake investment sites.

Staying Safe Online

To stay safe online, Le Goff advises Kiwis to remain vigilant and take the time to verify the legitimacy of messages and websites. “The new crop of scams is incredibly sophisticated,” he warns. “Scammers will use a variety of techniques to fool you, so it’s crucial to keep your wits about you.”

General Online Protection

In addition to being cautious online, CERT NZ recommends following these four simple steps for general online protection:

  • Using unique, long, strong passwords
  • Turning on two-factor authentication
  • Keeping devices and software up to date
  • Keeping personal information private

Reporting Incidents

For those who have already fallen victim to cybercrime, Le Goff emphasizes the importance of reporting incidents to CERT NZ. “We’re here to help, and our confidential reporting service can provide valuable guidance and support.”

Government Efforts

Government agencies are also working tirelessly to combat financial crime in New Zealand. CERT NZ offers free advice and confidential reporting services, while its website provides tips and resources for individuals and businesses.

  • The agency releases advisories on incoming threats, providing critical guidance on how to mitigate risks.
  • The Insurance Fraud Bureau (IFB) is urging policyholders to report suspected insurance fraud, emphasizing that this crime affects us all.

Conclusion

As financial crime continues to evolve in 2023, Kiwis would do well to stay informed and take proactive steps to protect themselves online. By doing so, they can help keep their personal and financial information safe from the growing threat of cybercrime.