Find out the red flags
This Valentine’s Day, BNZ is issuing a caution to New Zealanders following a 43% surge in reported relationship and romance scams among its customers in the last year.
Ashley Kai Fong (pictured above), BNZ’s head of financial crime, said the bank has had 167 cases reported in 2023, up from 117 in 2022, and these are just “the ones we know about” as many of these sorts of scams go unreported.
“This shows that despite the headline grabbing nature of these types of scams, relationship scams are still very fertile ground that criminals are using to exploit vulnerable Kiwis,” Kai Fong said.
Fraudsters engaging in these scams create fake romantic or platonic relationships online, only to exploit their victims financially.
“All scams can be devastating for victims, but relationship scams are particularly heinous given the time criminals invest in building the relationship with their victims,” Kai Fong said. “It can be months before the scammer hints or asks directly for money. They steal your heart, then they steal your money.”
BNZ shared stories to illustrate the scam’s impact, including one about Barry, who was manipulated into sending money overseas for an airline ticket for his online girlfriend, and Sally, who was convinced she was helping her US Army surgeon boyfriend stationed in Syria.
To combat these scams, BNZ is educating its customers on how to spot the warning signs, such as quick emotional escalation, excuses for not meeting in person, and requests for financial help or to funnel money.
The bank also advises never sending money or sharing personal financial details with someone you haven’t met in person and to discuss any online relationships with friends and family who may identify potential scams.
As New Zealanders embrace the romance of Feb. 14, BNZ's message is clear: stay alert to the red flags of romance scams to ensure your Valentine’s Day remains sweet, not sour.
Read more about BNZ’s Valentine’s Day warning here.
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