Safer Online Banking in NZ: What You Need to Know
Safer Online Banking in New Zealand: What You Need to Know π°
Great news for online banking users in New Zealand! Banks are now required to use the Confirmation of Payee (CoP) system. This new feature significantly enhances security by making it easier to verify payment details, helping you avoid accidentally paying the wrong person or falling victim to a scam.
What if You Accidentally Pay the Wrong Account?
Even with enhanced security, mistakes can happen. If you accidentally transfer money to the wrong account, here's what you should do:
π Act Immediately: Contact your bank as soon as you realise the error.
π Bank's Role: Banks' ability to reverse payments varies. In most cases, they'll need permission from the recipient to retrieve your money. If consent is given, your funds will be returned.
π No Consent? Next Steps: If the bank can't get consent to reverse the transaction, you might need to escalate. For claims up to $30,000, the Disputes Tribunal is your next step. For amounts over $30,000, you'll need to make a claim at the District Court.
π Invalid Account Numbers: If you type in an invalid account number, your bank should be able to reverse the transaction, and you typically get your money back within a few business days.
π Fees Apply: Be aware that your bank will likely charge a fee for their payment retrieval or credit recovery service, even if they're unable to get your money back.
This new CoP system is a welcome step towards greater financial security for everyone in New Zealand. Stay vigilant and know your rights!
Info credit: Citizens Advice Bureau NZ
Scam Alert: Bank cold calls
ASB is warning customers about reports of cold calls from scammers claiming to be from ASB. These scammers are trying to obtain personal information, including usernames, dates of birth, and verification codes sent to your mobile phone.
π‘οΈ The "Caller Check" Test
If you get a call from someone claiming to be from ASB and youβre unsure, just ask them for a Caller Check. You will then be able to verify the call through the app.
Remember, banks will:ββ
β Never ask for your banking passwords, PINs, or verification codesββ
β Never need to know your full credit card number β especially the CVC
β Never ask you to download software or remotely access your deviceββ
β Never ask you to purchase gift cards or transfer funds.
If you have received a phone call and think your account has been compromised, call ASB on 0800 ASB FRAUD (0800 272 372), or visit your local branch.
Poll: If we want to reduce speeding, what do you think actually changes driver behaviour? π»π¨π
In the Post's article on speeding penalties, the question is asked whether speeding fines are truly about road safety, or are they just a way to boost revenue for the Crown?
What do you think? Should speeding motorists receive speeding fines or demerit points?
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37.3% The sting of a fine (Money talks!)
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62.7% The threat of demerit points (Nobody wants to lose their license!)
π Riddle me this, legends! π
He/She who makes it, sells it.
He/She who buys it, doesn't use it.
The user doesn't know they are using it.
What is it?
(Shezz from NgΔruawΔhia kindly provided this head-scratcher ... thanks, Shezz!)
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
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