44257 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs

44257 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs: Does the Minister agree with Consumer New Zealand that as long as compromised or 'mule' bank accounts exist, they undermine the effectiveness of confirmation of payee protections?

Hon Scott Simpson: Confirmation of payee is one step banks are taking to improve protections against scams. The banking sector has a number of ways to target mule accounts, including providing a 24/7 reporting channel for customers who think they’ve been scammed and responding to protect accounts; and sharing scammer account information with other banks to help prevent criminal activity and freezing funds where appropriate.