Safeguarding your investments: Protecting yourself and taking action   

Knowing scams are out there can be unsettling if you’re looking to invest. Building a solid understanding of scams and how they work can help you find a way to invest confidently.   

In this article, we go over some practical tips for protecting yourself and provide strategies that can empower you to take meaningful action against investment scams.   

Research and due diligence   

Imagine a puzzle; every piece matters. Similarly, every piece of information matters when you’re looking to invest. Before investing any of your money, take the time to do your own research and learn about the opportunity being presented.    

It’s important to scrutinise the investment opportunity’s legitimacy and dive into its historical performance. Your best allies in this are official sources, with the Financial Markets Authority (FMA) website being a reliable source of information about registered investment providers.    

You can also do an internet search for the company’s New Zealand based details and give them a call, or pop into their physical branch or office to confirm the opportunities are the real deal. If you’re talking with someone who won’t meet you in person to discuss a potential investment, chances are it’s a scam.    

Remember, if you’re dealing with a legitimate investment, the opportunity will likely still be there in a week’s time after you’ve done your research.    

Getting advice   

Successful investment decisions are all about collaboration. You can seek guidance from qualified financial professionals, seasoned advisers, and experienced investors before embarking on any investment journey. In the world of investments, emotions can cloud judgment. Consulting trusted professionals can help ensure your choices are driven by facts, not impulses.    

Reporting scams   

If you think you’ve been scammed, contact your bank immediately. If you’re a BNZ customer and have shared personal banking information, call our fraud number urgently on 0800 735 901. You can confirm our contact details on our website under ‘Contact Us’.  

If you’ve noticed a suspicious investment opportunity, report it to the FMA.  You can also forward any text message scams to the Department of Internal Affairs using the free short code 7726 (SPAM).      

Let us know about any BNZ branded scams you come across by forwarding suspicious emails to phishing@bnz.co.nz  

Reporting helps authorities investigate fraudulent activities and ultimately curb the power of scammers. By alerting the relevant authorities, you also play a crucial role in preventing others from unknowingly tumbling into the same trap.     

Educating others   

Educate your circle—friends, whānau, and community—about the warning signs you’ve learnt about investment scams. By spreading awareness, you can help protect those around you.    

You can also share our Scam Savvy resources with the people around you. These have helpful tips on identifying common scams, what to do when you spot them, and what to do if you’ve been scammed.   

Remember, every step toward safeguarding your wealth is a step toward a more secure financial future. Stay informed, stay cautious, and move forward with confidence on your investment journey. 

This article is solely for information purposes. It’s not financial or other professional advice. For help, please contact BNZ or your professional adviser.  No representation or warranty is made as to the accuracy, reliability or completeness of any statement made in this article.  No party, including BNZ, is liable for direct or indirect loss or damage resulting from the content of this article. Any opinions in this article are not necessarily shared by BNZ or anyone else.