Fraud is a growing threat to New Zealand businesses, and it’s becoming increasingly sophisticated. Businesses are seeing more targeted scams, particularly impersonation scams and those involving email and invoice fraud. These attacks are not just opportunistic — they’re deliberate, researched, and often devastating for businesses caught off guard.
One of the most common threats today involves fraudsters impersonating trusted suppliers and asking for bank account changes. These requests often look legitimate, coming from a familiar email address or as part of an ongoing email chain. Without a secondary check, payments can be diverted to fraudulent accounts and, more often than not, cannot be recovered.
Flags to watch for:
- An unexpected request to change bank account details
- Urgent or last-minute payment requests
- Emails with slight misspellings in addresses or language that is different to normal
- Attachments or links in emails that seem out of context
- Pushback when asked to verify instructions by phone
What you can do:
- Always confirm changes to payment details by calling a known contact, not by replying to the email or using the contact information provided in the email
- Introduce a second level of approval for all payments, especially any payments made to new or updated accounts
- Use strong, unique passwords and enable multifactor authentication on email and banking systems
- Stay up to date with common scam tactics and how to spot them
- Review internal processes annually to ensure they’re fit for purpose and up to date
Where to get help:
There are plenty of resources available to help manage these risks, in particular from your banking partners. Their teams monitor for suspicious activity and are proactive in reaching out when they see potential risks. They offer tailored fraud awareness sessions, process reviews, and access to up-to-date tools and case studies, such as through BNZ’s online security hub.
If you suspect something’s wrong, act quickly. Contact your bank immediately. Early intervention significantly increases the chance of recovering funds or stopping a payment before it clears.
We also encourage businesses to build a culture of awareness. Fraud prevention isn’t just about systems — it’s about behaviours. When teams feel empowered to question, verify, and escalate concerns, the risk of a successful scam drops significantly.
Fraud prevention is everyone’s responsibility, and it starts with awareness. With the right checks, clear processes, and trusted partnerships in place, businesses can reduce risk and focus on growth with confidence.
This article is proudly presented in partnership with BNZ.
