Interest rate cuts not enough to kickstart economy & challenging national security environments.
Online investment platform Hatch has been targeted in a cyberattack.
The platform’s website says New Zealanders have invested $2.1 billion through it since 2018. There were more than 130,000 users as of 2022.
Yesterday morning, Hatch identified a “credential stuffing attack”, managing director Waimarie Marks told the Herald.
Website-building service Cloudflare said a credential stuffing attack was when “collections of stolen login credentials from one service are used to break into accounts on various other services”.
Marks said existing security measures and extra preventive measures after the attack had protected the platform and users.
“We can confirm that Hatch systems have not been compromised,” she said.
“Hatch has security measures baked into the platform, which means we continuously monitor and take appropriate actions to ensure our customers remain safe.
“The extra preventative measures we implemented may have impacted some customers being able to access their accounts online.”
“It is a reminder of the importance of using unique, long, and strong passwords in combination with two-factor authentication on all of your important online accounts.”
Htach investment platofrm was targeted in a cyberattack on Wednesday 20 August 2025. Photo / Supplied
In 2024, New Zealanders suffered $1.6 billion in financial losses from online threats, according to research from the National Cyber Security Centre (NCSC).
The centre’s annual survey found 54% of adult New Zealanders had experienced an online threat in the last six months of the year, with 830,000 suffering some financial loss.
The average amount lost per attack was $1260.
“If these numbers are extrapolated across the adult population, it indicates that around $1.6b was lost last year,” said NCSC’s director of mission enablement, Mike Jagusch.
He said the numbers are much higher than what is reported to the NCSC through its reporting channels.
According to the survey, 44% of people who experience cyber attacks don’t report them.
Under-reporting often occurs because victims can feel embarrassed, feel it’s not significant enough to report or aren’t aware of the channels they can report to.
As a result, figures around losses can vary too. The second annual State of Scams in NZ report last year, compiled by Netsafe and the Global Anti-Scam Alliance, estimated New Zealanders lost $2.3b to online scams in the 12 months to August 30.
Of those who lost money, 88% described the impact as moderate, significant or severe.
Email (59%) was the most common way Kiwis encountered threats, but traditional means such as phone call (46%) and text message (35%) are still prevalent.
Raphael Franksis an Auckland-based reporter who covers business, breaking news and local stories from Tāmaki Makaurau. He joined the Herald as a Te Rito cadet in 2022.
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