Scams under-reported by Chinese New Zealanders: FMA

Albert Kwok

Amid the Lunar New Year celebrations, the FMA is reminding Chinese New Zealanders how to spot an investment scam and what to do if they encounter one.

In 2020, the FMA received almost 200 reports of scams and fraud, but only a handful of complaints were from Chinese New Zealanders. That’s despite a 2020 FMA survey finding around one in five Chinese New Zealanders had been approached about a potential investment scam – the same as the overall population.

FMA director of regulation, Liam Mason suspects many scam victims are choosing not to report scams: “They may not know who to contact about a scam or may think there’s no point because it’s a small amount or they haven’t actually lost money.

“We’re also aware of cases where scammers have even warned victims will get in trouble with New Zealand authorities if they report the crime. This is obviously not correct.”