Westpac NZ warns of sophisticated new investment scam

Westpac NZ has warned New Zealanders to beware of a sophisticated new scam involving a fake Westpac investment prospectus.

The prospectus, titled High Yield Fixed Return Emerging Market Fund, has been formatted to resemble a Westpac document with significant effort put into making the document appear authentic, said Westpac NZ’s chief risk officer Carolyn Kidd.

“Would-be investors are encountering this scam when they do internet searches for information about investments and term deposits,” Kidd said.

“These people are asked to enter personal contact details on the websites which come up in the search results, some of which may purport to help people compare investments.

“The scammers then email or call the would-be investor using those contact details.”

Kidd said written and verbal communications from the scammers used convincing language and appeared credible.

She said Westpac NZ had received a handful of reports about the scam so far.

“We want people to be vigilant and report any suspicious activity so our financial crime team can investigate.”

Anyone who suspects they may have been targeted by this scam are urged to Westpac NZ contact centre on 0800 400 600 or talk to one of the Westpac NZ branch team.