The $2 billion digital heist: How scammers are stealing from New Zealanders

Digital ‘ram raids’

“Scams are like digital ram raids – thieves are stealing money from customers’ accounts. It’s as simple as that,” says Banking Association chief executive Roger Beaumont.

These attacks rely on deception. Scammers manipulate victims into revealing personal details or transferring funds under false pretenses. Beaumont adds, “They are getting into customers’ accounts through surreptitious means, be it conning or tricking a customer into revealing information or panicking a customer into thinking they need to pay something when in actual fact they don’t.”

Emotional and financial toll

Beyond the financial impact, scams leave lasting emotional scars. A survey by the Global Anti-Scam Alliance and Netsafe found that 53% of scam victims reported significant emotional distress. Yet 59% of cases go unreported, often due to embarrassment.

Fighting back

Authorities and banks are stepping up their response. Public awareness campaigns, including those led by psychologist Nigel Latta, are educating consumers on scam tactics. Banks have also removed links from text messages to limit phishing attempts.

Still, vigilance is key. If an offer sounds too good to be true, it probably is. Always verify unsolicited messages before taking action.

The bottom line: protecting businesses from scams

For accounts payable (AP) teams and finance leaders, business scams pose an even greater threat. B2B fraud schemes often involve fake invoices, compromised vendor accounts, or deepfake impersonation of executives. To stay ahead:

• Verify supplier details: Always confirm bank account changes through an independent, trusted source—not just via email.
• Use multi-person approvals: Require dual approval for high-value payments or account changes.
• Train staff to spot red flags: Urgency, secrecy, and unusual payment requests are common scam tactics.
• Implement real-time payment verification: Systems that validate bank account details before payments reduce risk.
• Monitor transactions actively: Regular audits and anomaly detection tools can catch fraud before money is lost.

Scammers are relentless, but businesses that embed strong payment controls, staff training, and verification steps into their workflows can significantly reduce their exposure. Stay vigilant, question unexpected requests, and ensure your team has clear fraud prevention protocols in place.