Stuff Digital Edition

$134k allegedly stolen from bank account

Che Baker

Police have confirmed they are investigating a complaint by a man claiming to have $134,000 stolen from his online SBS Bank account.

The man lost the money after cyber criminals hacked his online bank accounts, convinced staff to change his phone number, then siphoned his money in an elaborate scam, The New Zealand Herald reported.

The man discovered the money was missing in July after he went to pay bills and found his revolving mortgage account had been drained. He said SBS was refusing to compensate him for the missing money, The Herald reported.

When approached for comment SBS Bank said: ‘‘We do take the protection and privacy of our members’ personal information very seriously and have numerous safeguards in place to ensure it is.

‘‘This particular matter is currently under police investigation.’’

It did not answer any other questions in relation to the incident including if the bank is looking to recoup or pay the money back to the client.

A police spokesperson said they ‘‘are continuing to make progress in our investigation into this matter’’.

‘‘We remain in regular contact with the victim and appreciate how upsetting this matter is for him.

‘‘We are not in a position to comment on specifics while the investigation is ongoing but we are continuing to follow positive lines of inquiry.

‘‘In general, it can be difficult to track down these offenders, with many based overseas. In cases such as this, the funds generally go offshore with a small window to claw them back. Police can utilise our international networks to combat cybercrime.’’

It’s important people continue to report cybercrime and advice on cyber security and cyber safety can be found at CERT.govt.nz or netsafe.org.nz, the spokesperson said.

Scammers have been busier than ever in their efforts to fleece bank customers, according to the Banking Ombudsman Scheme’s latest annual report.

Banking Ombudsman Nicola Sladden said the scheme received 535 scam complaints out of a total of 4732 in 2021-22 – an increase of 63% on the previous year.

‘‘We have tremendous sympathy for customers who are caught in scams, as the financial and psychological impact can be significant.

‘‘Year-on-year we have seen increases in fraud and scam cases.

‘‘We received 50% more cases in the latest quarter (April to June 2022) compared to the previous quarter.’’

Banks are required by the Code of Banking Practice to reimburse unauthorised transactions – provided the customer has complied with the bank’s terms and conditions and taken reasonable steps to protect their banking.

Banks also have a duty to provide banking services with reasonable skill and care – including having reasonably robust security systems.

Where there has been an unauthorised payment, the bank should try and recover the funds from the person who received them.

‘‘Unfortunately, recovery is often not possible despite the banks’ efforts: in most instances the recipient has already passed on the money and there is very little or nothing to recover,’’ Sladden said.

‘‘Scammers are becoming increasingly devious in their efforts to steal customers’ money, but customers can foil the overwhelming majority of these attempts by following some basic precautions.’’

She said these precautions included: password-protecting your devices and using strong passwords or biometric logins, never disclose PINs or passwords or save them in any way – including in your internet browser settings or in disguise, never log in to internet banking when someone has remote access to your device and looking up reviews of investment companies before investing and check accounts regularly.

News

en-nz

2022-10-01T07:00:00.0000000Z

2022-10-01T07:00:00.0000000Z

https://fairfaxmedia.pressreader.com/article/281586654478114

Stuff Limited