The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – is warning New Zealanders to be on the lookout for three unique types of scams that have been on the rise since the start of COVID-19.
The warning comes as the FMA responds to a rise in complaints about investment scams and fraud lodged with the regulator in the first half of this year – up 79% on the same period in 2020.
From January to June 2021, the FMA received 158 complaints about investment scams and fraud – up 79% on the 88 complaints received during the same period in 2020, when the pandemic began, and up 49% on the 106 complaints in the first half of 2019.
As a result, from January to June 2021, the FMA issued 36 public warnings about suspected scams and other non-compliant entities – up 29% on the 28 warnings issued during the same period in 2020, and up 80% the 20 issued in the first half of 2019.
In particular, since the start of the pandemic, the FMA has noted a rise in three new types of scams:
