Story image

Banks 'could do more' as another email scam targets Kiwis

30 May 16

Consumer NZ is warning Kiwis about another scam involving email hackers.

The elaborate scam is catching out people expecting an invoice from their builder. The hackers are getting access to builders’ email accounts and altering bank account numbers on invoices before they reach the builders’ client, Consumer NZ explains.

The client, expecting the invoice, pays the bill and may only realise they have been defrauded when the builder chases up payment.

Consumer NZ says the hackers are thought to be targeting builders because they’re likely to send invoices for large one-off payments. 

To date, Consumer NZ has heard from two members who have fallen victim to the scam. One member lost $14,000. She contacted her bank, ANZ, two days after making the payment but the money had already gone. Nearly a month on, the victim is waiting to hear the results of police and ANZ investigations. 

Consumer NZ chief executive Sue Chetwin says banks needed to be doing more when they became aware of these types of scams.

“ANZ had alerted its staff when its fraud team flagged the problem but an alert on the bank’s website was only posted this month,” Chetwin says. 

The other Consumer NZ member, who fell victim to a similar scam last year, says she was given a goodwill payment of $3300, half the amount she lost, by Kiwibank. 

Chetwin says anyone who thinks they’ve been a victim of this type of scam should report it to police and their bank immediately. 

Kiwis losing $24.7mil to scam calls every year
The losses are almost five times higher compared to the same period last year, from reported losses alone.
How to configure your firewall for maximum effectiveness
ManageEngine offers some firewall best practices that can help security admins handle the conundrum of speed vs security.
Exclusive: Why Australian enterprises are prime targets for malware attacks
"Only 14% of Australian organisations are continuously training employees to spot cyber attacks."
Exclusive: Why botnets will swarm IoT devices
“What if these nodes were able to make autonomous decisions with minimal supervision, use their collective intelligence to solve problems?”
"Is this for real?" The reality of fraud against New Zealanders
Is this for real? More often than not these days it can be hard to tell, and it’s okay to be a bit suspicious, especially when it comes to fraud.
Why you should leverage a next-gen firewall platform
Through full lifecycle-based threat detection and prevention, organisations are able to manage the entire threat lifecycle without adding additional solutions.
The quid pro quo in the IoT age
Consumer consciousness around data privacy, security and stewardship has increased tenfold in recent years, forcing businesses to make customer privacy a business imperative.
Kordia launches Women in Tech scholarship at the University of Waikato
The scholarship is established to acknowledge and support up-and-coming female talent and future technology leaders.