A new collaborative initiative, the New Zealand Anti-Scam Alliance, has been launched to address the increasing prevalence of online financial scams.
The initiative brings together government agencies, financial institutions, telecommunications providers, digital platforms, and consumer advocacy groups to create a coordinated response to scams targeting New Zealanders.
Commerce and Consumer Affairs Minister Scott Simpson announced the formation of the alliance, citing estimates that scams may be costing the national economy as much as $2 billion each year.
“It is unacceptable that so many Kiwis are swindled by scammers every day,” he said.
He noted that previous anti-scam measures in New Zealand have often lacked coordination, with information about scams being distributed across various government and private sector entities. This has led to delays and inconsistencies in responding to scam threats.
“The alliance addresses this by establishing a formal structure for government agencies, banks, telecommunications companies, digital platforms sectors, and consumer groups to share data about scams and shut them down in real-time,” Simpson said.
The Anti-Scam Alliance is intended to streamline the sharing of information about scams, enabling faster identification and disruption of fraudulent activities.
By formalising cooperation between key sectors, the alliance aims to address gaps that scammers have previously exploited.
The alliance has committed to a series of coordinated actions, including:
Simpson described the alliance as a foundational step in a broader effort to strengthen New Zealand’s defences against scams while acknowledging that ongoing work will be required.
In addition to the alliance, the government is considering amendments to the Fair Trading Act. These changes would enable more effective sharing of scam-related intelligence between government and industry while ensuring compliance with privacy and competition regulations.
“There is no silver bullet to address scams, but by working together across sectors to disrupt scams, we can significantly shift the dial,” Simpson said.
The Financial Markets Authority (FMA) has expressed support for the new alliance.
Clare Bolingford, FMA executive director of licensing and conduct supervision, emphasised the importance of collaboration in addressing scams.
“Collaboration is a vital factor in the fight against scams. We look forward to playing our part in the alliance,” she said.
She added that disrupting fraudulent activity remains a key regulatory priority for the FMA – which works with both domestic and international partners, including the National Cyber Security Centre (NCSC) – to share intelligence and act against investment scams.
“We want investors and consumers to make good decisions, know their rights and know how to protect themselves,” Bolingford said.
Over the year ending June 30, 2025, the FMA issued 110 new warnings about scams and updated existing alerts. The regulator also identified numerous websites associated with fraudulent activity and took steps to disrupt these operations.
Information about scams is disseminated through the FMA’s website, social media, industry communications, and the International Securities & Commodities Alerts Network (I-SCAN).
In other news, the FMA recently released its inaugural Financial Conduct Report, outlining regulatory expectations for the coming year.
The report covers conduct risks, enforcement priorities, and support for innovation across the financial sector, including insurance providers.
FMA chief executive Samantha Barrass said the report is intended to provide greater transparency and clarity for industry participants regarding the regulator’s approach.
“We are responding to the clear desire for transparency, certainty, and improved engagement with the sector by setting out our priorities and the drivers behind what we’re doing,” she said. “Importantly, our report provides context and reasoning for these priorities by outlining key conduct risks and opportunities on the FMA’s radar over the next 12 months and how we plan to address them.”
