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Online safety organisation Netsafe revealed that scams and fraud cost New Zealanders more than $35 million last year, and there was a 90 per cent increase in reporting these crimes.
Banks in New Zealand currently do not employ technology to identify fraud; instead, they use internal systems and procedures, including manual scrutiny of transactions.
A technological company called BioCatch, which specialises in behavioral biometrics and cutting-edge fraud detection technologies, has received a $20 million investment from international banks like Barclays, HSBC, Citi, and Australia’s NAB.
ASB Bank uses machine learning to spot suspicious behavior on its customers’ cards and is collaborating with behavioural science experts to identify potential scam activities better.
“We have several systems and processes in place to help prevent fraud and protect our customers, and we are continually working to improve our ability to mitigate this activity through a combination of technology investment and ongoing training for our teams who work in these areas,” an ASB spokesperson said.
According to Mark Coxhead, the head of financial crime at Westpac NZ, the bank is still investing in cutting-edge technologies like biometrics and machine intelligence.
The head of financial crime at the Bank of New Zealand, Ashley Kai Fong, claimed that the company has a committed fraud squad that was constantly on call.
“Scams come in many, often sophisticated forms, but a common feature is unsolicited messages sent by scammers either in texts or emails enticing people to provide personal or financial information such as banking details,” Fong said.
Two of the five central New Zealand banks stated they intended to implement BioCatch but wanted to avoid being named.
Another bank admitted that it was aware of BioCatch but had no immediate intentions to implement it.
It’s an exciting time for consumers, and with the right smart banking solutions in place, New Zealanders can look forward to a more efficient and secure way of managing their finances.
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