New Zealanders lost nearly $117 million to scammers in 2023

New Zealanders lost nearly 200 million NZ dollars ($117.3 million) to scammers last year, as online financial scams continue to be a growing problem in the country, according to government statistics released on Monday.

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, Xinhua news agency reported.

“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.

With the launch of Fraud Awareness Week, the government is committing to new coordination efforts across industry and government to combat online scams, such as improving information sharing between telecommunications and banks, developing industry-led solutions within specific sectors including banks, and engaging with Australia and Singapore to establish a coordinated regional approach.