New Zealand’s Financial Markets Authority (FMA) is intensifying its efforts to combat scams, joining forces with other agencies through a newly established alliance dedicated to protecting Kiwis from fraudulent schemes.
FMA Joins Forces with Anti-Scam Alliance
The FMA recently announced that it has become a member of the New Zealand Anti-Scam Alliance—a collaborative initiative designed to coordinate the country’s response to the rising tide of scams. Over the past year, the FMA has issued 110 warnings about suspicious investment offers, underscoring the growing threat to both investors and everyday consumers.
Clare Bolingford, who leads the FMA’s licensing and conduct supervision, emphasized the importance of working together. “Tackling scams requires teamwork. We’re committed to playing an active role in this alliance,” she said.
Protecting Investors and Consumers
Cracking down on scams has become a top priority for the FMA, which is determined to keep public trust in New Zealand’s financial markets strong. The agency’s mission is to empower people—helping them make informed choices, understand their rights, and stay vigilant against fraud.
Recently, the FMA highlighted a new scam trend involving fake economic surveys. These deceptive surveys are used to lure victims before steering them toward fraudulent trading platforms, including those dealing in complex products like Contracts for Difference (CFDs).
A United Response to a Growing Threat
The FMA doesn’t work alone. It regularly collaborates with other regulators, both in New Zealand and overseas, as well as with cyber security organizations such as the National Cyber Security Centre. Bolingford described the new alliance as a “major step forward” in building a unified national response to scams.
In addition to issuing warnings, the FMA has flagged hundreds of dubious websites and taken action to disrupt their operations. To keep the public informed, the agency shares alerts via its website, social media, and through industry networks, as well as international platforms like the International Securities & Commodities Alerts Network.
Government Ramps Up Anti-Fraud Measures
The creation of the Anti-Scam Alliance signals a serious commitment to tackling financial crime in New Zealand. While the FMA hasn’t named all the agencies involved, its focus on collaboration suggests a broad government push to address the issue.
In related news, New Zealand authorities have also announced plans to ban crypto ATMs and set a NZ$5,000 limit on international cash transfers, aiming to clamp down on money laundering and related scams.