Home Scam/Fraud New Zealand’s FMA Reports 17% Increase in Investment Scams in 2022

New Zealand’s FMA Reports 17% Increase in Investment Scams in 2022

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The Financial Markets Authority (FMA) of New Zealand said it recorded an increase in the number investment scams discovered during its recent fiscal year that ended in June
2022. Across all categories, the regulator highlighted 111 cases during the period, which represents a 17% increase from 95 cases in 2021.

Giving a breakdown, FMA said the scam cases include 105
suspected fraudulent schemes, 48 unregistered businesses and one fake regulator (that impersonated the FMA). In
2021, the numbers came in at 89, 24 and two cases, respectively.

FMA disclosed these numbers in its 2022 Annual Report released on
Tuesday. According to details in the report, the regulator’s scam warnings have
been increasing year-over-year from 83 cases highlighted in 2020.

“Since the start of COVID-19, we have seen a spike in investment scam complaints,
particularly related to social media contact scams, romance-investment
hybrid scams, and imposter…

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