New Zealanders are becoming increasingly "scam savvy" in the face of a 13 percent increase in scam activity, according to BNZ.
New research shows that nine out of 10 New Zealanders were targeted by scams over the past 12 months, but only one in 10 fell victim.
BNZ’s head of financial crime, Ashley Kai Fong, said it's fantastic Kiwis are getting better at recognising scams, but that the high number of scams reminds us to stay vigilant.
"All scams require people to do something, whether that’s clicking on a link, engaging in a conversation, or sending money. Ultimately, the best defence against scams is you. If you can recognise the signs of a scam, you’re less likely to fall victim," he said.
An improved ability to identify and avoid scams led the number of small and medium enterprises being scammed to drop from 47% in 2022 to 34% this year.
There has also been an increase in businesses reporting scams to banks.
This year, 60% of businesses that were scammed reported the incident, compared to 39% last year.
Individual reporting of scams increased too, with 64% of individuals impacted by a scam reporting it, up from 46% last year.
Kai Fong said that while increased reporting is great, there is still a lot of room for improvement.
"Too many of us don’t report scams, or even tell loved ones, due to embarrassment or shame, but we need to remember that this is a scammer’s full-time job.
"Every minute of every day, they are out there thinking of new ways to take people’s hard-earned money.
"There is nothing to be embarrassed about if you do experience a scam, and by reporting it, you could be helping someone avoid being scammed in the future."
The top three scams over the last 12 months were government impersonation scams (45%), bank impersonation scams (31%) and fake lottery, prize or grant scams (24%).
"Scammers are becoming increasing sophisticated, impersonating trusted brands and institutions and exploiting a range of channels to deceive New Zealanders," he said.
The most common channels for scams were email (40%), followed by text (34%) and social media (28%).
Despite the rise in scam activity, the research found that educating New Zealanders on spotting and avoiding scams is helping to keep them safe.
"Around two-thirds of those surveyed reported having seen educational material about scam prevention," he said.
"Knowledge is power. We want as many people as possible to get scam savvy as the more we know about scams, the better equipped we are to spot and avoid them."
BNZ has developed online tools and resources to help New Zealanders get scam savvy as part of its annual Scam Savvy Week.
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