NZ FMA Flags Fraudulent Sites Misusing Reputable Firms and Banks' Names for Fake Investment Offers

The Financial Markets Authority of New Zealand (NZ FMA) has issued a warning against the deposit comparison website comparetermdepositsnz.com, following reports of investors receiving calls from individuals posing as representatives of a well-known investment firm. Impostors are offering fake investments in Heartland Bank bonds through the site.

The NZ FMA has previously exposed similar scams involving the use of reputable investment firms to offer fake bonds and other fixed-term deposit products under the names of Heartland Bank and other New Zealand and international banks. These fraudulent websites include www.Heartlandsavings.com, www.Heartland-td.com, www.hsbcnz.com, www.ratesfinder.co.nz, www.nzcomparerates.com.

In these scam cases, victims typically encounter advertisements or visit investment comparison websites and are prompted to enter their contact details. Subsequently, they receive calls from individuals claiming to be "investment advisers" from well-known New Zealand firms. These callers discuss investment opportunities, often involving reputable banks or investment firms. The scammers may provide detailed but fraudulent investment documentation to persuade victims to invest. Once the investments are made, the scammers cease contact, and the funds are lost.

It is important to note that website redirection service may also be used to direct people to the official website of an organization, misleading them into believing the scam website is legitimate.

NZ FMA’s Advice

The regulator advises traders to exercise caution when dealing with individuals who claim to be from reputable investment management firms, especially after entering personal details on deposit comparison websites. Investors should conduct due diligence by directly contacting the investment firm or financial institution the caller claims to represent, using contact information from their official website, to verify the caller's identity. Avoid using contact details provided by the caller.