New Zealanders have lost a staggering $265 million tobank scams in the past 12 months, according to data compiled from 12 majorbanks. The figures, released by Payments NZ, reveal howquickly fraudsters are exploiting both online payments and personal bankingdetails.Join IG, CMC, and Robinhood in London’s leading trading industry event!The report highlighted two main types of scams: thosewhere victims are tricked into sending money and those in which personalinformation is stolen without the account holder’s knowledge. Casing of Phishing Scams“The report shows a reported gross figure of $265million was taken from Kiwi accounts by scammers, the report said. “Thisincludes both cases where people were tricked into sending money and thosewhere personal details were stolen without the knowledge of the account holder.”Experts warn that scammers are constantly finding newways to trick people. Regular vigilance, cautious handling of messages andemails, and awareness of personal data security can significantly reduce therisk. Banks and consumer protection agencies continue toprovide resources to help individuals stay informed and safeguard theirfinances.New Zealand’s financial market regulator in the pastcrackdown on several avenues in an attempt to curb fraud. The Financial MarketsAuthority (FMA) earlier reported that people are being targeted by scam investments after receiving unexpected invitations to join online chat groups.Scammers Exploit Chat Groups and Other PlatformsThese messages, often unsolicited, lure recipients intodiscussions about investing, prompting concerns over the rapid spread of suchschemes across multiple social media platforms. The FMA warned that fraudstersfrequently impersonate bank or investment firm employees, presenting seeminglyattractive investment opportunities.In the crypto space, also announced a planned ban cryptocurrency automated tellermachines, with a NZ$5,000 limit on international cash transfers,Associate Justice Minister Nicole McKee announced said. Currently, more than 200 crypto ATMs reportedly operate across the country, according to Coin ATM Radar, and thesemachines will need to be removed once the ban takes effect.McKee said the measures are part of a broader effort tocombat money laundering and organised financial crime. By restricting access tocrypto ATMs, authorities aim to make it more difficult for criminals to convertcash into high-risk assets like cryptocurrencies.This article was written by Jared Kirui at www.financemagnates.com.