Wednesday , July 28 2021

Kiwi loses up to $ 500 million a year in fraud, Westpac tells fraud



One in three kiwis has swapped and, because most fraud is unreported, we can lose up to $ 500 million annually to cyber crime, a Westpac survey has found.

The survey of 1003 adults found that 90 percent of the New Zealands were worried about being deceived or fraudulent.

Fraud can be run by email, phone calls, text, mail and door bells.

Netsafe boss Martin Cocker has said that there are a large amount of fraud currently in New Zealand.

READ MORE:
* Editorial: Digital security is still a reflection despite the real risks
* Westpac cancel and reissue 30,000 cards after "low risk" Ticketmaster fraud
* Westpac suits ex-wife Lane Walker Rudkin Kingpin for $ 50m

A Westpac survey has found that one in three kiwis has switched to fraudsters.

SCOTT HAMMOND / STUFF

A Westpac survey has found that one in three kiwis has switched to fraudsters.

Westpac NZ's Head of Economic Crime and Security, said Tiffany Ryan, that New Zealand's concern was motivated given the increasing sophistication of fraud and their activities and the number of attempts at fraud.

During the past year, Westpac's financial crime team has prevented more than $ 22 million from fraud, said Ryan.

"We've seen the number of attempts at fraud increased last year, but due to the protection available and increased monitoring, the amount of fraud eliminated is reduced. Fraud fraud is the biggest problem," said Ryan.

"Most fraud goes unreported, but there are industry assessments that new zealands can lose up to $ 500 million annually to cyber crime and fraud via email, phone calls, text, mail and door bells."

In August, a Westpac customer was alerted for an attempt to take more than $ 14,000 of her account. The bank exchanged 30,000 customer cards following a global security breach at the international ticket sales company Ticketmaster.

In March, a senior Auckland man John Calkin was scammed by almost $ 30,000 by someone who claimed to be a Spark technician.

He knew the 76-year-old name, his address, and the fact that he had upgraded his Spark connection. Kalkin said it was enough to take the edge of his vigilance.

"Sextortion" fraud has also become common online where people are threatened; their images can be leaked if they are not paid.

Scam uses publicly leaked data from data violations to make people believe an attacker has access to his computer or device.

Other findings in the survey show that people were most concerned about the older generation.

"These scammers know how to push vulnerable people to quickly give away confidential details like PIN, or to transfer money from their accounts," added Ryan.

"Our advice is that customers should be very vigilant. They should monitor their bank statements on a regular basis, as well as keep the bank informed of changes in contact information, international travel or intended major purchases," said Ryan.

Ryan said that the bank would repay the amount as long as the customer had not violated his terms.

Once detected, payments are blocked, access immediately terminated, and customers warned.

Ryan said that customers could also protect themselves by installing current antivirus software on their computer, not clicking links or responding to texts or emails, and be careful not to accept payments if they are not completely secure on the recipient.

FRAUDS AND BUSINESS

Do:

– Monitor your account statements on a regular basis.

– Be suspicious of callers allegedly being from your bank, a tool company (Spark, Vodafone, etc.) or a police or home government authority, and ask for your PIN number or your username or password for internet or phone bank.

– Use privacy settings to restrict who can see your information on social networking sites – because they can be used to interrogate or steal your identity.

– If you think you may have been targeted or subjected to fraud or fraud, contact your bank as soon as possible.

Not:

– Enter your PIN number.

– Provide your personal information.

– Reply to or click on a suspicious email or link.

– Enter your bank account details

The survey also showed that a majority of 70 percent did not know whether their bank guaranteed their money if they were exposed to fraud.

123RF

The survey also showed that a majority of 70 percent did not know whether their bank guaranteed their money if they were exposed to fraud.


Source link