Category: Economy

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ANZ to implement new security measures to protect customers from scams

Source: ANZ statements

Last year, ANZ’s people and systems prevented more than $106 million in losses to cyber criminals, a 38 per cent increase from the previous year. The bank also recorded a 43 per cent reduction in customer losses in the last quarter of FY23.

The reduction in customer losses is in line with findings from the Australian Government’s latest National Anti-Scam Centre update, which reported a 26 per cent reduction in scam losses from July to September 2023, down 43 per cent from the same quarter in 2022.

ANZ Head of Customer Protection, Shaq Johnson, said: “Cyber events, data breaches, scams, and fraud activity continue to be a challenge to the community in 2023, however we’re seeing results from our response. ANZ continues to take action, introducing additional measures to protect our customers and the community from sophisticated criminal networks.”

“This year, we expect to see a shift in the way scammers operate, from targeting card transactions over digital fast payments, to increasingly targeting peer-to-peer and other emerging payment channels to circumvent traditional payment controls.”

In 2024, ANZ will implement measures to:

  • Increase personalised warning messages to inform customers when a transaction or activity is considered high risk;
  • Introduce a new Scam Scoring model, using AI to complement ANZ’s current security systems and boost our scam detection;
  • Expand the ways customers can reach ANZ to report scams and seek assistance, including a new dedicated team of specialists and a dedicated hotline;
  • Add new algorithms to our Mule Detection capability to further restrict the movement of scam proceeds to organised crime; and,
  • Deliver new personalised education resources for customers.

“ANZ customers are not immune to the threat of scams, so we encourage them to take steps to protect themselves by remaining vigilant and suspicious of any unsolicited contact or requests for funds from unknown individuals,” Mr Johnson said.

ANZ continues to work closely with other banks, industries and government to collectively and effectively identify and address scam trends, stay ahead of scammers, and continue to protect Australians from emerging threats.

ANZ’s customer protection teams and systems operate 24/7. Customers who believe they may have been a victim of a scam should contact us immediately, on 13 33 50 or visit us at http://www.anz.com.au/security/report-fraud/ for more information.

For more information on the types of scams and how to protect yourself visit http://www.anz.com.au/security/types-of-scams.

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ANZ Community Ball raises $230,000 for South Australian charities

Source: ANZ statements

Now in its fifth year, the event, held in partnership with ANZ and the Women’s and Childrens Hospital Foundation, has raised more than $1.45m since its inaugural year in 2019 for South Australian charities.

ANZ Chief Risk Officer Kevin Corbally said: “I’m really proud that ANZ’s South Australian team are so passionate about delivering this important event – which at its core is about helping and supporting the local South Australian community.”

“In addition to raising funds for a worthy cause, the South Australian Community Ball is a great opportunity to catch-up with our South Australian community partners and customers.”

 

This year’s event held special significance for many in attendance, celebrating the memory of the late Jane Yuile. Ms Yuile was a titan of the South Australian business community, ANZ’s South Australian state chair and was instrumental in organising the event in previous years.

 

ANZ State General Manager, SMEs, and Community Ball Committee Chair Adele Fiene said: “Jane was a truly spectacular lady and was integral in getting so many people to attend the night and support our wonderful community partners and charities.”

Held at Adelaide Oval, the event showcased South Australian farmers, chefs and winemakers, to over 500 attendees.

After a strong night of fundraising – including two auctions and a car raffle provided by Peter Kittle Toyota – attendees finished the evening with entertainment from South Australian Cabaret David Campbell OAM and his band.

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Two new Monetary Policy Committee members appointed

Source: Reserve Bank of New Zealand

Two new members of the Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee (MPC), Carl Hansen and Professor Prasanna Gai have been appointed by the Minister of Finance, Nicola Willis, on the recommendation of the RBNZ’s Board.

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Unions deliver MPs petition to stop real terms cuts to the minimum wage

Source: Council of Trade Unions – CTU

Today a delegation from the union movement delivered a petition of nearly 9,000 people calling on the Government to commit to annual minimum wage increases that keep up with rising costs.

“This Government is effectively cutting the wages of low-income families by not increasing the minimum wage to keep up with rising costs. This is on top of getting rid of free prescription fees, scrapping support for public transport fees, and increasing benefit sanctions,” said CTU President Richard Wagstaff.
 
“This petition sends a clear message to this Government that all workers have the right to a liveable income to support their families.
 
“We appreciated hearing from workers in homecare and retail at Parliament today about the reality of what it’s like living on the minimum wage. In response, Labour, Green and Te Pāti Māori MPs committed that they would deliver significant increases to the minimum wage when they are in government.
 
“The Government has a responsibility to ensure that all workers have enough to afford rent, pay the bills, put good food on the table, and buy their kids what they need. This is even more true during a cost-of-living crisis.
 
“How are workers meant to keep up with rising food and rent costs when the Government is cutting their wages in real terms?
 
“All workers should be paid more than the Living Wage, but at the very least, the Government must ensure that the minimum wage is enough to get by. Pushing wages backwards at a time when so many are doing it tough is simply heartless,” said Wagstaff.

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Budget Policy Statement still missing in action

Source: Council of Trade Unions – CTU

The Government has released its Budget Policy Statement today, showing worsening economic forecasts with inflation falling more quickly than expected, caused by unemployment rising and growth stalling. However, the statement lacks information on what the Government intends to do in response, said CTU Economist Craig Renney.

“The Budget Policy Statement is supposed to provide guidance and certainty around the forthcoming Budget. Sadly, both are in short supply,” said Renney.

“The Government has replaced objectives that looked to lift New Zealanders’ wellbeing and tackle climate change with cuts to public services. Kiwis deserve better than this.

“By not providing any information on forthcoming spending allowances, we have no insight into how the Government is planning to invest in New Zealand. This note reads like 8 pages of excuses for not doing your homework.

“Promises to get back to surplus have gone out the window. After fearmongering for so long about our debt position, the BPS accepts that our debt levels are within the bounds of “prudence on debt sustainability”.

“This is the time for Government to be acting responsibly by investing in New Zealand and raising its productive future. However, instead they appear to be acting pro-cyclically – cutting investment and spending at a time when the economy is in the doldrums.

“The Government has no plan for sustainably growing the economy or creating good jobs. There is no case made for tax cuts, particularly tax cuts for higher-income earners or landlords. There is nothing to meet the demands of a growing population with higher needs. Instead, it’s a return to the rhetoric that justified sustained underinvestment in the public realm.

“New Zealanders who read the Budget Policy Statement will find it short of information and short of ideas. It’s not surprising that analysts weren’t allowed to access the Government lock-up for this information release, as they would have found little to say,” said Renney.

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BNZ warns of increased tax scams as tax time approaches

Source: BNZ statements

As tax time approaches, Bank of New Zealand (BNZ) is urging New Zealanders to be alert to the heightened risk of tax-related scams.

“The end of the financial year is a prime opportunity for scammers, who take advantage of tax time to trick and defraud New Zealanders out of their money,” says Ashley Kai Fong, BNZ’s Head of Financial Crime.

“Scammers exploit the urgency and importance of tax-related matters, creating fraudulent but realistic scenarios about tax debts or refunds that can seem both timely and credible,” he says.

“Tax scams are particularly effective because people often have genuine interactions with the IRD during this time of year,” says Kai Fong. “Scammers exploit this familiarity to make their attempts more believable. It’s crucial to verify the authenticity of any unsolicited communication claiming to be from government agencies.

“A recent example we’ve seen is of customers receiving an email claiming to be from the IRD. The email, which originates from an unofficial email address, contains a link that directs customers to a fraudulent IRD website, which then leads them to a fake bank login page.

“Examples like this serve as a stark reminder of the importance of being vigilant and cautious when receiving unsolicited emails, even if they appear to be from trusted sources like the IRD or government agencies.”

New Zealanders should always access their accounts through official websites, rather than clicking on a link which directs them to do so.

“At this time of year, be particularly wary of emails or communications about tax refunds or debts. Verify the source thoroughly, and if in doubt, contact the IRD via the details on its official website. Remember, the IRD will never prompt you to log in to your online banking via their website or ask you to provide your banking login credentials.

“The simplest yet most powerful defence you have is being aware. Trust your instincts and always take a sec to check before providing sensitive information.”

In case of suspicious activity or suspected scams, BNZ encourages anyone who believes they may have been targeted by a scam to contact their bank immediately. For more information on protecting yourself from scams, visit www.getscamsavvy.co.nz.

The post BNZ warns of increased tax scams as tax time approaches appeared first on BNZ Debrief.

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Consumer confidence: slight rise

Source: ANZ statements

• Consumer confidence rose 1.4pts last week to 83.1pts. The four-week moving average was stable at 82.0pts.

• ‘Weekly inflation expectations’ rose 0.3ppt to 5.1 per cent, while the four-week moving average was steady at 4.9 per cent.

• The financial conditions subindices improved. ‘Current financial conditions’ and ‘Future financial conditions’ both rose by 3.2pts.

• ‘Short term economic confidence’ (about the economic outlook over the next 12 months) declined 1.1pts. ‘Medium term economic confidence’ (about the economic outlook over the next five years) rose 2.1pts.

• The ‘time to buy a major household item’ subindex moderated a touch.

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More questions for the Government’s tax changes as costs grow

Source: Council of Trade Unions – CTU

The Government should reconsider the delivery of their tax plan, as costs continue to escalate, said CTU Economist Craig Renney.

“Our analysis, using the latest data available from IRD and the Treasury, indicates that the cost of the income taxation changes is now half a billion dollars more than National indicated in its pre-election fiscal plan,” said Renney.

“All up, the modelling undertaken by the CTU shows that the cost of indexation is now likely to be $9.5bn over the next four years – against the $9bn budgeted by National.

“The CTU analysis should alarm New Zealanders. It should also worry anyone who genuinely believes in value for money or in social investment.

“The analysis does not consider any additional increases caused by a rising population, which will add to the costs. Over the next four years, if the population rose at the same rate as in the pre-COVID period, this would likely add a further $300m to the cost of the income tax package.

“These costs are in addition to the many problems already being faced by the plan. $3bn for landlords – up $800m. $1.3bn missing from cutting welfare payments. Casino taxes bring in only $150m instead of $750m. The Government is relying on more than $1bn of tobacco taxes, and not delivering promised Working for Families changes, to prop up the package.

“Overall, the tax plan is now likely to be billions of dollars short of its overall revenue target. The only way left to fill the gap is through even deeper cuts to public services and public investment. Already we are seeing investment in areas like disability support, free school lunches and pay for the Police suffering, while landlords are guaranteed a $3bn payday.

“These are just part of many damaging consequences that New Zealanders are now seeing from the Government’s reckless commitment to tax cuts.

“The Budget Policy Statement is on Wednesday, and the Government should use the opportunity to show New Zealanders how it is going to make its plans work, and what it is going to cut to deliver them. Better still it could use that opportunity to abandon its plan and invest in all New Zealanders, not just a few,” said Renney.

Costed National Pre-Election Estimate Revisions Difference in cost
New Analysis
Income Taxation – Direct  $9bn  $9.5bn  $490m
Income Taxation – Population $0 $300m  $300m
Known Costings
Interest Deductions  $2.1bn  $2.9bn  $800m
Foreign Buyer Tax  $3bn $0 $3bn 
Commercial Building Depreciation $2.1bn  $2.3bn   -$200m
Gambling Tax  $716m  $151m  $565m
Brightline Adjustment  $200m  $202m  -$2m
Climate Dividend  $2.36bn  $2.05bn  $315m
Close Labour Programmes $2.12bn  $2.62bn   -$497m
Benefit Indexation $2.04bn  $670m  $1.37bn
Yet To be Costed
Immigration Savings $492m  $492m $0
Public Service Cuts  $2.38bn  $2.38bn $0
Contractor Savings  $1.6bn  $1.6bn  $0
Abandoned Policies
App Tax reversal $206m  $0m   -$206m
Working for Families Changes $1.4bn  $845m   -$555m
New Revenue
Tobacco Taxation $0 $1.5bn  $1.5bn
Total gap in tax plan $3.83bn
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Guidance issued on managing climate-related risks

Source: Reserve Bank of New Zealand

The Reserve Bank of New Zealand – Te Pūtea Matua has published Guidance for our regulated entities on managing climate-related risks. This follows our consultation on draft Guidance in March 2023 and is one of the actions set for us in the National Adaptation Plan.

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Serene Classic S2068 wall mounted bathroom heaters recalled due to fire risk

Source: Consumer Affairs – New Zealand Government

Serene S2068 heaters manufactured in March 2021 have a manufacturing defect. There have been at least 15 fires and overheating events associated with these heaters.

There is a significant risk of people being seriously harmed and property being damaged from the use of these heaters.

The prohibited S2068 heater is described as:

  • Wall mounted fan heater with step-down thermostat with pull-cord on-off switch, for fixed-wired installation in bathrooms and similar locations
  • Mirror polished stainless steel metal shell with die cast grille 
  • Dimensions: 300 mm wide, 210 mm high and 110 mm deep.  

The prohibited S2068 heaters have a serial number in the following ranges:

  • VH145173 – VH147003
  • VK154294 – VK160567
  • WF167045 – WF168874

The serial numbers can be visible without dismounting the product.

The Consumer Guarantees Act (CGA) guarantees that products must be of acceptable quality, including safe to use. Where a product is unsafe — or doesn’t meet mandatory product safety requirements — you have the right to a refund, repair, or replacement.

What should you do if you have these products?

Check to see if you have an affected heater with the serial number as above, If you do, Stop using it immediately and remove it from the home.

Consumers can reject the goods under the Consumer Guarantees Act and ask the supplier they purchased it from for a replacement (if available) or a refund.

If the heater has been installed by fixed wiring, consumers can also require the supplier to arrange for its removal by an electrician. If consumers can’t identify the supplier, they will have to arrange an electrician to remove this heater at their own cost.

If the heater is plugged into the wall, consumers can switch off the electricity, unplug, and remove the heater.