How to protect your money from fraud

(published in NZ Herald, 20 November 2025)

Vivian Valbuena is the AML/CFT Officer and General Manager, Risk at Fisher Funds. She is also deputy chair of the RiskNZ board. 

The Facts:

• Scams are increasing, with one in five people reporting being affected in 2024.
• The 60-plus age group is disproportionately affected by fraud.
• Seven habits to protect yourself include using credit cards, reviewing accounts and enabling spending alerts.

Scams can happen to anyone:

Not long ago, I received a voicemail from Visa alerting me to two potentially suspicious transactions on my account. I called the number straight away to confirm I had not

made the two purchases and to stop any more attempts. But as the phone was ringing, it hit me – Visa wouldn’t call me directly, my bank would. I hung up just in time.

Despite studying fraud for years, I panicked and almost fell for the con. And I’m far from alone.

Around one in five New Zealanders reported being scammed in 2024, while the true number is likely significantly higher. While we’re still waiting for this year’s figures, all signs point to another rise.

Fraudsters will steal from anyone, but the 60-plus age group remains disproportionately affected – though they may also report scams more frequently than other age groups.

So what can you do to protect yourself and your money? Here are seven simple habits that can make a real difference:

1. Use your credit card instead of your bank card whenever possible. Credit cards are usually better protected – you are not liable for fraudulent charges and they’re not directly linked to your main bank account. If a fraudster gets hold of your debit card, they have access to everything within your account.
2. Set aside an hour every two weeks to review your accounts. Look through the transactions on your checking, savings and credit card. Spotting small irregularities early can prevent bigger losses later.
3. Turn on spending alerts. Many banks let you receive an email, text or app notification every time there is a withdrawal of more than $100. I have it and can tell at a glance if it’s a real transaction or not. Separately, it also helps me keep on top of what I’m spending.
4. Check your credit report once a quarter. You can get a free credit report from Centrix, Equifax and illion. It will show whether any charges have been made or new accounts opened in your name without your knowledge.
5. Change your phone settings to send unknown callers to voicemail. This reduces the chances of a scammer getting hold of you. If it’s an important call, the person will leave a message.
6. Sign out of payment apps or digital banking when you’re done, whether it’s your laptop, phone or watch.I’ve heard stories of people lending their phone to a teenager whose phone had run out of juice and needed to call home for a ride, only to discover that they’d actually gone into an open Wise app and transferred money out of the account.
7. Be mindful about what you post on social media. Sharing sentiments like “have a wonderful birthday today” can tell fraudsters your or your friend’s date of birth. Posting photos sipping daiquiris at an island resort tells criminals your home is empty.

If you do get scammed, report it. The more we can track fraud, the more we can do to prevent it. And most importantly, be nice to yourself. There is nothing to feel ashamed about.

Fraudsters are manipulative, self-serving and often cruel. They don’t care if they take someone’s education fund or life savings. Victims deserve empathy and guidance on next steps – not blame.