Unfortunately, New Zealanders are being targeted by a major investment scam. In the last week, people have lost significant sums of money to this scam.
How does the scam work?
Scammers use Google Ads to target potential investors
People searching for terms like “term deposit comparison nz” are then shown an ad from a malicious site claiming to offer advice on investments, which is used to get personal details on the person seeking to invest
The scammer then calls the target claiming to be from the investment team at a New Zealand-based financial institution and sends a fake investment prospectus
Follow-up phone calls and emails are then conducted with fake contracts to request money
Some scammers even have fake investment portfolio websites to check their investments
Jordan Heerspring of CERT NZ has warned about how convincing these scams can look.
"These fake sites even require a login before showing a balance specifically to the target, giving people a false sense of security and potentially sending more money to the scammers,” he said.
How to protect yourself from investment scams
If you have been targeted:
Immediately contact your bank, using their official phone and website. Banks are aware of this scam and their fraud teams are on alert
If you have seen or interacted with one of these websites, report it to CERT NZ immediately
If you haven't been targeted yet:
Stay vigilant and aware
Directly check with your bank before investing in anything
Check the Financial Markets Authority (FMA) page for choosing an advisor
Visit the FMA scams page for some information on how to protect yourself from investment scams, current warnings and potential scams
If you have any questions or need extra support, we're here to help you anytime in any language. Simply start a chat with us via the home screen of the Sonder app.
Image sourced from: Joshua Mayo, Unsplash
All content is created and published for informational purposes only. It is not intended to be a substitute for professional advice. Always seek the guidance of a qualified health professional.