Tuesday, June 18, 2024

Commerce Minister to attend fraud talks in Singapore

Minister of Commerce and Consumer Affairs, Andrew Bayly, is travelling to Singapore today to attend scam and fraud prevention meetings.

Mr Bayly joins a delegation led by the Australian Minister for Financial Services and the Australian Banking Association. The delegation will meet with Singapore’s Minister for Home Affairs and local industry to discuss international trends and insights, anti-scam technology and regulatory approaches to scam disruption.

“Scams are a growing international problem, and we are not immune in New Zealand. Organised criminal networks operate across borders, and we need to work with our Asia-Pacific partners to tackle this complex and fast-evolving issue,” said Mr Bayly.

“I understand how worrying it is for Kiwis who have worked hard to build up savings to think they could fall victim to sophisticated cyber criminals. I have already written to New Zealand’s banks urging stronger action and expect an update on their progress by September.

The Minister said the visit will be a valuable opportunity to understand how Singapore and Australia are approaching scam monitoring and enforcement.

“Together, we will look for opportunities for industry and government to collaborate to combat scams,” he said.

“Safe financial institutions are essential to a prosperous, modern economy. The Government takes scam prevention seriously and I am looking forward to using this trip to inform strategies for improving our security and resilience at home.”

Mr Bayly will also have a range of other engagements across his Commerce and Consumer Affairs and Small Business and Manufacturing portfolios, including a visit to the Advanced Remanufacturing Technology Centre and a meeting with the Singapore Competition and Consumer Commission.

The Minister will return to New Zealand on 13 June.

Latest Articles