68% (2,785,000 adults) believe the
government should regulate to make sure banks offer
fraud and cybercrime protection to customers.
These
are among findings of a new study, conducted in the public
interest by Horizon Research, on bank fraud and cybercrime.
It finds a significant number of adults have experienced
fraud and theft via their bank accounts or cards in the past
12 months:
- 12% (512,000 adults
aged 18+) have had someone use a bank card, credit card,
cheque or other document, without permission, to commit
fraud and/or steal from them - 9%
(376,000) have experienced fraud, theft involving a bank
account - 6% (243,000) have been a
victim of cybercrime, with an internet device accessed
without permission.
Of those who were victims of
fraud, 78% lost up to
$5,000.
- 51% of them lost up to
$500.
Regulate: Don’t leave it to the
banks
New Zealanders overwhelmingly want the
Government to regulate to make sure banks offer fraud and
cybercrime protection to customers (68%) only 25%
(1,036,000 adults) say that banks should be
trusted to self-regulate and deal with fraud and
cybercrime.
The Financial Markets Authority will
become the “conduct” regulator for banks in 2025. The
aim is to make sure banks and others treat customers
fairly.
86% (3,540,000 adults)
believe the Financial Markets Authority should regulate to
make sure banks provide minimum fraud protection for
customers.
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Create a new police-run anti-fraud and
cybercrime centre
New Zealanders strongly support a
range of efforts to tackle bank fraud, theft and
cybercrime.
They want stronger, dedicated,
policing.
54% (2,220,000 adults) said
they would prefer a national anti -fraud and cybercrime
centre run by the New Zealand
Police.
42% (1,725,000 adults)
said they would prefer a national centre to investigate
fraud and cybercrime run by a new government
agency.
They
also mostly want the banks and government to fund efforts
to investigate and prosecute bank fraud and
cybercrime:
- 75% (3,100,000
adults) believed banks should fund efforts to investigate
and prosecute bank fraud and cybercrime. - 70%
(2,884,000 adults) said it should be the
government.
Support for national and bank
identity systems
Respondents to the survey were
told:
Some argue that New Zealand has poor scam
defences because the country does not have a national
digital identity system. They say this would allow people
– and others – to prove their
identities.
Others argue that a national
digital identity system might pose a risk to personal
freedoms.
60% (2,447,000 adults)
support the government developing a digital identity
system to help overcome fraud and
cybercrime.
18% (718,000 adults)
oppose a digital identity system.
24%
(961,000 adults) were either
unsure or needed to know more about a digital
identity system.
Highest
support for a national identity system comes from ANZ
(63%) and ASB (62%)
customers.
Support
for banks developing digital IDs
Respondents were
told:
New Zealand has now passed the Digital
Identity Services Trust Framework. The Framework will
establish rules to protect the privacy and security of
people’s information when it is shared within the trusted
environment. The framework will not be compulsory, and will
prioritise user permission for all
actions.
This should allow private businesses,
like banks, to offer digital identity services. So far none
have been created.
56% (2,315,000
adults) believe the creation of digital identification
services by banks should be a priority.
People with
higher incomes are more likely to think that a digital
identification service should be prioritised by
banks.
- Household income between $100k-$150k –
65% - Household income above $150k –
70% - Personal income above $150k –
78%
There are few significant
differences across banks’ customers or by age.
Are
banks doing enough?
28% only think
banks are doing enough to protect
them
39% (1,600,000 adults) believe
banks are not doing enough to protect from theft, fraud and
deception.
Younger customers are more likely to think
that banks are doing enough to protect them from theft,
fraud and deception.
45% of customers
aged 55+ think banks are not doing
enough.
52% of households with annual
incomes above $150k believe banks are not doing enough to
protect them form fraud, theft and deception.
TSB
and Rabobank customers think are more likely to think their
bank is not doing enough to protect them from theft, fraud
and deception.
Not enough protection from
cybercrime
Respondents were also asked if enough was
being done to protect them from
cybercrime.
21% (871,000 adults) said
enough was being done.
48% (1,972,000
adults) said not enough was being done.
At
32%, people under 35 years believe enough
is being done to protect them from
cybercrime.
12% of people aged 55+
believe enough is being done.
Higher
income respondents are more likely to believe that not
enough is being done to protect from
cybercrime.
58% of household more
than $150k, a significant increase from 40%
when the same question was asked in August
2023.
Methodology and sample
Results are from a
Horizon Research omnibus survey conducted between 22 to 26
March 2024.
The total sample size was 1,036 adults, 18
years of age and over.
Respondents were from
Horizon’s two specialist online research panels (general
and Māori populations 18+) and a third party research panel
for source diversity.
The maximum margin of error is
±3% (at the 95% confidence level). The data was weighted on
age, education, ethnicity, personal income and region to
match the adult population.
The survey was conducted
as part of Horizon’s public-interest research
programme.
FREE:
download the survey
report.
© Scoop Media
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