Common scams

We've recently seen an increase in scammers impersonating bank staff including our fraud team.

These scammers are asking customers to confirm whether they have authorised transactions on their debit or credit card. They create a sense of urgency and convince customers that fraudulent activity has occurred and then prompt them to share their online banking credentials and verification codes. This information is used to gain access to customer’s internet banking and accounts, allowing funds to be withdrawn.

A reminder that The Co‑operative Bank fraud team may call customers from time to time to verify unusual transactions on their accounts. However, we will never ask you:

• To provide your banking passwords, PINs, customer number or two-factor authentication codes
• For your card details
• To download software or remotely access your device
• To transfer money to a safe account
• To set up crypto currency accounts
• To purchase gift cards of any sort

If in doubt, hang up and phone our team directly on 0800 554 554.

We've recently seen an increase in scammers impersonating bank staff including our fraud team. Please be vigilant if you receive an unexpected phone call where the caller may tell you there have been log-in attempts from overseas.

The Co‑operative Bank fraud team may call customers from time to time to verify unusual transactions on their accounts. However, we will never ask you:

• To provide your banking passwords, PINs, customer number or two-factor authentication codes
• For your card details
• To download software or remotely access your device
• To transfer money to a safe account
• To set up crypto currency accounts
• To purchase gift cards of any sort

If in doubt, hang up and phone our team directly on 0800 554 554.

We've recently seen an increase in scammers impersonating bank staff including our fraud team. Please be vigilant if you receive an unexpected phone call where the caller may ask you to take immediate action due to fraudulent transactions.

The Co‑operative Bank fraud team may call customers from time to time to verify unusual transactions on their accounts. However, we will never ask you:

• to provide your banking passwords, PINs, customers number or two-factor authentication codes
• for your card details
• to download software or remotely access your device
• to purchase gift cards of any sort

Fake Facebook profiles

We’ve also seen new Facebook profiles popping up pretending to be The Co‑operative Bank.

We will never send you a friend request and we recommend not to accept friend requests from people or businesses you do not personally know or recognise. Businesses use official "pages" or "profiles" intended for public interaction and not personal "friend" accounts.

What to do with scam requests

1. Do not accept or engage with the request.
2. Report the suspicious account to the social media platform using its reporting features.
3. Block the account to prevent future contact.

Adjust your privacy settings to limit who can send you requests (e.g., set to "Friends of friends").

If in doubt, contact our team directly on 0800 554 554.

We’re seeing a rise in scams involving a fake investment platform called TXEX, targeting Kiwis via text messages, WhatsApp and other social media platforms. Scammers may impersonate reputable entities like New Zealand banks, investment firms, or financial service providers. Victims are encouraged to recruit friends and family members, and make payments to fraudulent investment platforms.

Watch out for::

• Group chats led by fake “crypto mentors”
• Promises of easy returns
• Suspicious transaction references like TXC or Texit

If you have been included in a group chat from someone you don’t know, exit the chat, block and report it if this is an option.

You can also report it to the Financial Markets Authority.

If you spot anything unusual or think you may have been targeted, contact our team immediately on 0800 554 554.

The Financial Markets Authority (FMA) are warning about an increase in fake deposit comparison websites that are designed to collect personal information as part of investment scams.

How the scam works

1. These websites claim to compare investments, such as term deposit and bonds in New Zealand. They will often claim that returns are guaranteed, or funds are covered under a Depositor Compensation Scheme.

2. Site users are prompted to enter their personal contact details and proposed investments into an online form. They are then told that someone will contact them with a personalised offer.

3. A call then arrives from someone claiming to work for a financial institution or acting as a broker. They will present an investment, offering returns which are often slighter higher than current market rates.

4. The scammers email a Product Disclosure Statement (PDS) which does not meet the FMA’s requirements for a PDS – for more information on PDS scams see the article: How to identify a product disclosure statement (PDS) or prospectus scam

5. The investor will be asked to fill out application forms and provide identity documents such as a passport to open an account and satisfy relevant “Know Your Customer” requirements.

6. The investor will then be instructed to transfer their investment to a bank account. They may be provided a dashboard to view investment performance.

7. Often the victim only becomes aware they are part of a scam when they are locked out of the dashboard, their broker stops answering emails or the term has expired and they can't withdraw their money.

Sites to be wary of:

• toptermrates.co.nz
• toptermrates.com
• bondratecompare.co.nz
• investcomparehub.org.nz

It can be difficult to retrieve money lost by these types of scams but if you think you have been targeted, please contact our team on 0800 554 554.

Fake news stories, videos and political endorsements

We’re currently aware of an increase in scams using fake endorsements, supposedly coming from New Zealand politicians such as Prime Minister Christopher Luxon and Deputy Prime Minister Winston Peters. Their names and images are being faked and misused to promote online investment schemes.

This scam uses fake news stories that include claims New Zealanders will receive “income” or “dividend” payments from IRD, saying that money will be sent to New Zealanders after they sign up with an online investment platform.

How the scam works

Scammers draw in victims through advertisements placed on social media platforms and news sites. There are several variations of these advertisements. Some ads:

• Show an image of a politician next to a fictional quote about a new investment opportunity e.g., "According to Christopher Luxon, all citizens of New Zealand can officially retire at the age of 45!"
• Contain generic images, with a headline designed to promote fear about the stability of New Zealand pensions e.g., "PENSION PAYMENTS WILL BE CANCELLED IN THE NEW ZEALAND!".
• Feature deepfake videos of politicians, including New Zealand Deputy Prime Minister Winston Peters. These fake videos show the politician being interviewed about a new investment opportunity which they have invested in personally, or which is claimed to be endorsed by the government.

These advertisements link to fake news articles featuring false quotes and endorsements from politicians, usually promoting an investment platform. These articles are often made to appear as though they are being published by legitimate New Zealand media organisations.

The fake news articles have links to other websites, advertising investment platforms or promoting educational materials about investments. The websites include registration forms, where potential victims are prompted to enter their contact details.

Scammers will then contact the victim claiming to be an investment broker and give instructions for investing through the platform.

It can be difficult to retrieve money lost by these types of scams but if you think you have been targeted, please contact our team on 0800 554 554.

We’ve seen an increase in the number of scams on online marketplaces like Facebook Marketplace at the moment, with people contacting sellers and encouraging them to click links to convincing looking websites, in order to collect personal information that is then used to steal their money.

People are approached when they’re selling goods and by the potential buyer who sends a link which may look like a legitimate courier company website or even a link to our own Internet Banking asking them to enter their credit card details, password, PIN or one time code. They are in fact trying to obtain personal details to access people’s accounts.

Here are some tips to help keep you safe when buying or selling:

• Insist on a bank to bank transfer when selling goods, ensure the money arrives before sending the goods and don’t accept screenshots as proof of payment from the buyer.
• Don’t click links sent to you by potential buyers and never put PINs and passwords into third party sites.
• Only ever access Internet Banking through our official website, never a link.
• Be careful of providing your account details to anyone, especially those you don’t know.
• Read the whole message on our one-time codes and if it’s not for what you’re expecting to do (making a payment, resetting a password) then do not enter it anywhere or tell anyone the number.

It can be difficult to retrieve money lost by in these types of scams, but if you think you have been targeted, please immediately contact our team on 0800 554 554 as quick action can often make a big difference.

Scammers approach victims through chat rooms, social media, dating websites and unsolicited emails. The intent is to build up a relationship with them which can be a friendship or a romantic relationship, and then ask the victim for financial help or to share access to their account. Once help has been provided the requests for financial assistance keep coming.

Scammers often use photos and identities of real people to create believable fake profiles. They spend significant time and effort forming connections and building trust.

Tips to help avoid romance scams

No matter how long you've been communicating with someone or how trustworthy they seem:

Never:

• Send them money.
• Allow them access to your bank account.
• Transfer money on their behalf.
• Provide personal documents (passports, licences, etc.).
• Invest money based on their advice.
• Send gift card codes.
• Agree to receive or send parcels on their behalf.

Always:

• Be cautious about sharing personal information.
• Stay on the dating site's messaging platform if you met there.
• Remember, anyone can pretend to be someone else online.
• Be wary if asked to keep the relationship a secret.

Use extreme caution if you’re asked to send money to someone you’ve met online and avoid communicating online if you haven’t met someone in person.

Investment scams are quite common. Our customers are more frequently being contacted by strangers offering very attractive financial returns, usually for Bitcoin or other Cryptocurrency type investments. These strangers can be very convincing, and at some point after receiving someone’s funds, the scammers move the funds onto other accounts and simply disappear.

Key points:

• If you are contacted by a stranger offering you an investment opportunity, please either hang up or delete the screen message and call us on 0800 554 554.

• If you have any doubts about an existing investment, you have already started, please contact us.

• You can also look at the NZ Financial Markets Authority website many of the common scams are listed here.

Contacted about an investment opportunity by someone you don’t know. It’s illegal in New Zealand to sell financial products through cold-calling or other unsolicited communication.

Scammers may pretend to be your bank, a government agency, or another trusted organisation to steal your money or personal information.

Common tactics:

• Urgent calls claiming to be the bank’s fraud team to pressure you into acting quickly.
• Spoofed phone numbers that look like they’re from the bank.
• Requests for passwords, PINs, one‑time codes, or full card details.
• “Safe account” instructions asking you to transfer money—which sends it straight to the scammer.
• Remote-access requests to install software so they can control your device.
• Fake links or websites that mimic your bank to capture your login details.

Stay safe:

If you get an unexpected call, hang up and call back using the number on the bank’s official website.

Never share your passwords, PINs, or SMS authentication codes.

Trust me - You're helping others - This is an amazing opportunity - I am your friend - Everyone is doing it - You need to act fast

Scammers randomly phone call victims with a story or situation designed to lure them into providing sensitive information. For example, your Co-op customer number, internet banking password, and date of birth. In some phone scam situations, a scammer may ask the victim to take particular steps on their computer. This could put your computer’s security at risk and the scammer may get enough information to impersonate the victim or convince them to transact online.

Never follow the instructions from a random phone caller who you don't know or whose identity you can't verify. Hang up the phone immediately.

The scammer sends emails or text messages to the victim in order to steal sensitive information from them. They may pretend to be a trustworthy organisation or person, like a bank, and entice the victim to click on a link and enter their internet banking details or other personal information.

Never reply to phishing emails or text messages and never click on links in emails you don't trust. Contact the organisation directly through a different source.

Scammers tell a victim they’ve won a large sum of money in a lottery and then they’re asked to send money to release the winnings. Once money is sent to the scammer they will drop communication with the victim.

If you didn’t know about the lottery or didn’t buy a ticket - don’t send any money.

Online job scams are where an employer asks the victim to accept money into their bank account and then requests they forward the money on elsewhere. The victim gets a commission for doing this but the money is stolen from other people. By receiving and transferring stolen money, the victim may be held liable and investigated by the police.

Do not receive or forward funds on behalf of someone else.

Scammers email the victim and say they’ve inherited a large amount of money from a long lost relative overseas, but the money is tied up by unpaid taxes, or similar, and the victim must pay fees to release the money. They may even provide 'authentic' documentation as proof of the inheritance and may ask for funds to be sent to them via money transfer agents.

If you’ve never physically met the person that's passed away and didn’t know of their existence before being contacted – don't send any money.

Scammers gain access to a business’ email account or hack a business system and may tell customers of a change in bank account details, or send another email referencing a different account number within the body of the email than what’s in the invoice.

Because the communication comes from an email similar to the business’ and tends to be for expected payments, scammers are often successful. Once the change has been discovered and identified to be fraudulent, the money often can’t be recovered.

Check for inconsistencies and if you have concerns, call the company and confirm the account number and payment request before you make a payment.

A money mule is someone who transfers illegally acquired money on behalf of a criminal – unknowingly or willingly. Mules are recruited to move money electronically through bank accounts, take it out in cash or buy gift or gaming cards to give to someone else.

Money mules play a role in criminal money laundering and potentially face serious consequences.

You may be a money mule if:

• You received an unsolicited email or contact over social media promising easy money for little to no effort.
• The “employer” you communicate with uses web-based email services such as Gmail, Yahoo Mail, Hotmail or Outlook.
• You are asked to open a bank account in your own name or in the name of a company you set up to receive and transfer money.
• As an employee, you are asked to receive funds in your bank account and then “process funds” or “transfer funds” via a variety of means, such as wire/telegraphic transfer, mail, cryptocurrency or a money service business (such as Western Union or Moneygram).
• You are allowed to keep a portion of the money you transfer.
• Your duties have no specific job description.
• Your online companion, whom you have never met in person, asks you to receive money and then forward these funds to an individual you do not know.

A legitimate company will not ask you to use your own bank account to transfer their money. Do not accept any job offers that ask you to do this. Do not receive or forward funds on behalf of someone else. Never give anyone your cards, PIN numbers, or other banking details. Never give anyone access to your digital banking.

Scammers create fake profiles on social media and try to convince the victim to share explicit or nude images or videos. Sometimes the scammers have fake footage or images which they claim is the victim.

Once the scammers have obtained the content, they start making threats. They may threaten to post the content online or send it to the victim's friends or family members unless the victim complies with their demands, which often include giving them money or sharing more explicit material.

In most cases, scammers use specific profiles so they appear to be around the same age as the victim and of the opposite sex. They may also pretend to be someone the victim knows or a mutual friend to gain their trust.

What to do if you’ve been sextorted?

• Cease all contact with the scammer
• Preserve evidence of the sextortion immediately
• Report it to your local police or Netsafe
• Seek support from trusted friends or family members
• Adjust your privacy settings on all online accounts

There are free services that can help remove intimate images or videos:

• Under 18 years of age: Take It Down
• Aged 18 and over: Stop NCII

For confidential support, victims can talk to:

• Youthline on free text 234 or call 0800 376 633
• Lifeline on free text HELP (4357) or call 0800 LIFELINE (0800 54 33 54)

Recovery scams happen when scammers promise to recover money you’ve previously lost to investment, cryptocurrency, or romance scams—usually in exchange for an upfront fee.

They may contact you through social media, online forums, or phone calls, often using details from the original scam. Scammers frequently pose as police, banks, the Financial Markets Authority (FMA), or recovery agencies. While they often target earlier victims, they may also invent a past loss to draw you in.

Stay safe:

Be skeptical: Treat any unexpected offer to recover lost funds with caution.

Don’t pay upfront: Legitimate agencies will never charge you to retrieve stolen money.

Verify directly: Hang up and call the organisation back using an official phone number.

Protect your information: Never share passwords or allow remote access to your devices.

If you’re concerned you’ve been targeted or have paid a recovery scammer, please contact us as soon as possible.