Term deposit scam

Kiwis are being targeted by investment scams including one falsely claiming to be from Kiwibank offering term deposits.

With the fake Kiwibank term deposit scam, people are unexpectedly being contacted by phone after putting their details into a deposit comparison website. People are then sent highly professional looking product disclosure statements, which feature Kiwibank’s name, logo, registration details, and the Financial Markets Authority’s logo.

For more information about the scam, see the warning issued on the Financial Markets Authority website.

 

• You receive an unexpected phone call, email, or text message, or respond to a social media post or social media chat, where ultimately you get asked for money or to invest.
• The investment promises high, fast, or low-risk returns.
• There is pressure on you to invest quickly, otherwise you may miss out.
• The person or business promoting the investment isn’t registered with regulatory agencies like the Financial Markets Authority in New Zealand, or doesn't provide clear and transparent information.
• You’re contacted about recovering funds you’ve lost in a scam/fraudulent investment. 

• Before investing money, research the business promoting the investment, the investment opportunity, and the people behind it. Look for information from independent sources, including regulatory agencies, financial analysts, and reputable news outlets.
• When searching online for investment opportunities, check to see if their website seems legitimate.
• Contact the investment provider on a number listed on their official website.
• Take your time to thoroughly look into the investment. Before making any decisions, get advice from a licensed financial advisor or investment professional. 

Remember:

• If you think you’ve been the victim of a scam, please call us immediately on 0800 269 296 (or +64 4 470 3142 from overseas, charges may apply).