Media release: 17 November 2025
Convincing scams involving fake apps, professional-looking websites, and persuasive communication are robbing millions from unsuspecting New Zealanders every year. In a recent complaint investigated by Financial Ombudsman Service, Financial Services Complaints Limited (FSCL), Jeremy*, a retiree, fell victim to a company falsely claiming to offer cryptocurrency trading services, resulting in a loss of almost $250,000.
The victim, thinking he was signing up to an online platform for trading cryptocurrency, was scammed into transferring funds from his bank account to a money transfer service. The scam likely involved scammers installing a remote access app on the victim’s phone, under the guise of sharing investment information. The app allowed access to the victim’s device to initiate transfers of funds and reply to their emails confirming payments. Finally, when the victim thought he was confirming regulatory declarations, he was actually authorising transfers to a financial service provider in the Middle East, using his security credentials.
“Scammers use extremely sophisticated methods to recreate legitimate tools, such as websites, or reassure consumers and portray themselves in convincing ways, that can fool even experienced investors,” says Financial Ombudsman, Susan Taylor.
Scammers persuade victims by citing convincing reasons for transferring funds or installing remote access apps on their devices. If scammers gain access to notifications, messages, and other private information on a person’s device, they can access their credentials and two-factor authentication codes. This allows them to steal funds by authorising transactions using the victim’s credentials.
Financial service providers monitor account activity and attempt to identify red flags on payments that indicate a customer may be the victim of fraud. However, it is not possible to detect every fraudulent transaction, particularly those carried out using the customer’s credentials.
Ms Taylor advises consumers to:
- check out the people or businesses they intend to transfer money to
- never be rushed into making payments
- be extremely cautious about downloading anything or allowing anyone remote access to your computer or phone.
Ends
Notes to Editors
*Names have been changed for privacy
This year marks the 25th anniversary of International Fraud Awareness Week (FAW25), held in New Zealand from 17–21 November 2025. The week continues to grow as a global movement promoting education, collaboration and action against fraud.
See fraud cases we’ve recently investigated on our website:
