Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.

We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.

Kelly O Kelly O

Scams on the rise in NZ

Scams have been taking prime place in the media recently, with everything from travellers being warned against connecting to Wi-Fi networks to police warning people what to look out for, police making significant arrests in term-deposit-style scams to the FMA warning about comparison websites.

Cert NZ recently reported that financial losses as a result of cyber crimes were up 66% in the first quarter of 2023 compared to the last quarter of 2022.

NZ banks and the Banking Ombudsman are working together to try and keep consumers safer from scammers. The latest initiatives is the 4 part documentary series ‘You’ve been scammed by Nigel Latta’, which starts tonight. Nigel explores the psychological tricks scammers use to exploit people and explains how better to protect yourself.

Miriam Dean KC, chair of the Banking Ombudsman scheme, said financial scams were rising exponentially and is urging banks to fast-track resolution of fraud complaints. Dean also called on other organisations oft impersonated by scammers, like NZ Post and Inland Revenue, to step up their activity in helping protect customers. Dean can see the benefits of setting up a dedicated anti-scam unit, the likes of Singapore’s Anti-Scam Command.

“Establishing an anti scam centre along these lines would have much to recommend it in my view, especially as a flood of scams grows day by day ... and scammers will turn to artificial intelligence to further their devious ends.”

More daily news:

Katrina Shanks writes of the importance of using simpler language

Sorted.org release new Money Personality Quiz

Swiss Re writes of restoring resilience: the need to reload shock-absorbing capacity

FinTechNZ: Importance of Data Quality for AML webinar July 25

Consumer Confidence Survey shows consumer confidence has improved but remains very subdued

Artificial sweetener Aspartame to be listed as “possibly carcinogenic to humans”

Read More