Bank scams security

[Sgt Pepper]

Approaching retirement I am concerned about recent media coverage of increasingly sophisticated scamming depriving people of their savings. Is online banking becoming too risky for large amounts of cash . If so what alternatives are there?Public Trust used to have on call and term deposit accounts which were government guaranteed and not able to be accessed online. However this facility was closed several years ago. Any ideas advice would be gratefully received

[Snoopy]

Approaching retirement I am concerned about recent media coverage of increasingly sophisticated scamming depriving people of their savings. Is online banking becoming too risky for large amounts of cash . If so what alternatives are there? Public Trust used to have on call and term deposit accounts which were government guaranteed and not able to be accessed online. However this facility was closed several years ago. Any ideas advice would be gratefully received.

I can confirm the Public Trust closed down their call cash accounts some years ago (I used to be with them), so your option there is definitely gone.

Internet banking isn't compulsory. Personally I don't do internet banking. So there is no risk of any of my banking passwords being surreptitiously obtained because I don't have any. The bank doesn't have my e-mail address. I know that any information purportedly coming from my bank via e-mail is therefore a scam and it gets deleted.

However, I do live within easy walking distance of branches of all the big banks, which makes my decision workable.

SNOOPY

[justakiwi]

I am 100% comfortable using online banking and do all my banking this way. I do pretty much everything via the phone apps though, and rarely have to log in to internet banking. Most banks have excellent security features these days - on my iPhone I now choose to log into those apps via Face ID. It is as safe as anything can be. Personally I think you have more chance of having someone steal your data while you're getting cash from an ATM, than you do using online banking.

As far as I am aware, as long as you are taking all recommended security measures such as never giving anyone your log in details, always running a firewall and Antivirus on your computer, and avoiding using public hotspots for banking purposes - you are meeting the requirements of your bank. In the event of someone accessing your account/card or whatever, the banks will generally reimburse you provided you have taken all possible precautions.

But check with your bank(s) if you are concerned.

PS. some banks also have fingerprint ID features for their apps. Others, such as ASB and Rabobank also have digital devices if you choose to use them, to add an extra layer of protection when logging into internet banking.

Approaching retirement I am concerned about recent media coverage of increasingly sophisticated scamming depriving people of their savings. Is online banking becoming too risky for large amounts of cash . If so what alternatives are there?Public Trust used to have on call and term deposit accounts which were government guaranteed and not able to be accessed online. However this facility was closed several years ago. Any ideas advice would be gratefully received

[Perky]

Good post JAK. Personally I keep all my financial access off my phone as it’s so easy to drop, leave or have stolen.

sgt pepper..you can use things like 2 factor security and other alerts so no transaction can take place without your approval
you can read herehttps://www.cert.govt.nz/individuals...yAAEgK4HvD_BwE

[justakiwi]

Which is why I have enabled Face ID as the default log in method. Face ID is very secure. I also have my screen set to lock after X amou t of time, so if I did lose my phone nobody would be able to unlock it anyway. There is literally no banking info stored on my phone - any transactions I do via the app are cloud based transactions - nothing is stored locally.

As Perky said, 2 factor verification is available (as per the digital devices I mentioned) or in some cases you can elect to have a code sent via email or txt. You can generally also set withdrawal limits on accounts - eg: set a maximum amount that can be withdrawn each day. That way if someone does get hold of your card or internet banking details, they can only access whatever amount you have set as the limit. This can be good idea for savings accounts or other accounts you are not accessing frequently yourself.

Good post JAK. Personally I keep all my financial access off my phone as it’s so easy to drop, leave or have stolen.

sgt pepper..you can use things like 2 factor security and other alerts so no transaction can take place without your approval
you can read herehttps://www.cert.govt.nz/individuals...yAAEgK4HvD_BwE

[percy]

Approaching retirement I am concerned about recent media coverage of increasingly sophisticated scamming depriving people of their savings. Is online banking becoming too risky for large amounts of cash . If so what alternatives are there?Public Trust used to have on call and term deposit accounts which were government guaranteed and not able to be accessed online. However this facility was closed several years ago. Any ideas advice would be gratefully received

Wife and I are retired.
Wife has a Westpac savings account which is not accessible online,which has a very healthy balance.
We have a joint account with Westpac All online.Everyday for paying bills.And two Savings accounts.
Also my Bankcard.
Wife has a separate Bankcard .Payments for both Bankcards are from our everyday account.
To spread our risk we both have cash management accounts with Craigs.Usually have healthy balances.Craigs use ANZ.
My only worry is online merchants when using my Credit card and giving them the number on the back of my card.
I do a lot of shopping on line and never had any issues.
I have rates,and insurances direct debited,and pay other accounts online.Again never any issues.
I give share registers my bank details but I am the only person who knows my online bank account number and password.
The only issue I could have is cancelling a direct debit,such as The Press.You have to get them to stop it../
I do not have a cell phone so have never done phone banking.

[676767]

Wife and I are retired.
My only worry is online merchants when using my Credit card and giving them the number on the back of my card.
I do a lot of shopping on line and never had any issues.
I have rates,and insurances direct debited,and pay other accounts online.Again never any issues..

I use WISE a lot for currency conversion, but another helpful feature I've started to use are their "Digital Credit Cards".
From within their application you can generate a new credit card, make your payment, then destroy the card.
Makes me much more comfortable when buying things online especially on international sites.

It would be great if NZ banks took note of this feature.

[kiora]

Just had a cold call on my mobile from someone saying they are from NZ Assist

They stated they call on behalf of staircase NZ

https://www.staircase.co.nz/?utm_sou...d=GBP_Auckland

Any one else had a call or am I the lucky one???

[stoploss]

Just had a cold call on my mobile from someone saying they are from NZ Assist

They stated they call on behalf of staircase NZ

https://www.staircase.co.nz/?utm_sou...d=GBP_Auckland



Any one else had a call or am I the lucky one???

Staircase are legitimate check out the FSPR register if in doubt about anyone ...( prob trying to sell you an investment property)

https://fsp-app.companiesoffice.govt...33111710446516

[Grimy]

You should be okay Percy. I have stopped a few direct debits lately (I'm with ANZ). All I've had to do is ask ANZ to stop the dd and advise the affected company that I have cancelled the dd. Job done.