N/Zealanders lose nearly $117m to scammers in 2023

The New Zealanders lost nearly 200 million NZ dollars ($117.3 million) to scammers last year, according to government statistics released on Monday.

This is because online financial scams are a growing problem in the country.

Considering estimates suggest that only one in five scams are reported.

The real losses to New Zealanders are significantly higher, said Commerce and Consumer Affairs Minister, Andrew Bayly.

“The fast-evolving nature of digital technology and the complexity of online scams, with most originating offshore, means that scam detection, prevention and response has largely fallen between the cracks of industry and government,” Bayly said.

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With the launch of Fraud Awareness Week, the government is committing to new coordination efforts across industry and government.

This is to combat online scams, such as improving information sharing between telecommunications and banks.

It will also develop industry-led solutions within specific sectors including banks, and engage with Australia and Singapore to establish a coordinated regional approach. (Xinhua)