A quarter of New Zealanders who fall victim to a scam don't tell anyone at all, while 61 per cent fail to report it, according to new research.
And scammers have set their sights on New Zealand businesses, with 70 per cent of Kiwi SMEs reporting being targeted by a scam.
The research also showed 78 per cent of New Zealanders have been the target of a scam.
The Bank of New Zealand revealed its latest numbers ahead of Scam Savvy week, starting from today, as it urges Kiwis to talk about scams.
"Don't suffer in silence," says Ashley Kai Fong, head of financial crime at BNZ.
"If you've been scammed, please talk to someone. Tell your bank, tell the police, Netsafe or Cert NZ, tell a family member or a friend.
"By talking with your bank as soon as possible, we can be more effective in getting your money back."
While banks and other organisations have sophisticated ways of identifying and stopping scams, Kai Fong says the first and most important line of defence is the individual.
"Scammers have improved their methods over the years, but they all have tells that giveaway fraudulent behaviour. These include pressure to act or pay quickly, requests not to tell anyone, offers that are too good to be true, poor grammar and strange-looking email addresses.
"Getting clued up to the types of scams out there and the ways to identify them is the best way to avoid being scammed."
New Zealanders were defrauded of more than $23 million between July 1, 2018 and June 20, 2019, according to figures from Netsafe.
Martin Cocker, Netsafe chief executive, said those numbers only represent a small percentage of the total losses in New Zealand.
"Many people still don't know where to go for help with an online safety challenge," he said.
The BNZ Scam Savvy tool takes people through a range of common scam scenarios and identifies the red flags that can help make someone aware they are being targeted by a scam.
The tool was also launched for businesses earlier this year.
"Scammers are increasingly targeting businesses because the amounts of money involved are typically larger," Kai Fong said.
For those that can't get online to www.getscamsavvy.co.nz, people can go to one of BNZ's branches to join a Scam Savvy education session from its trained team.
Top 5 scams in New Zealand:
• Fake lottery, prize or grant scam: 40% (41% last year)
• Tech scam phone calls: 36% (39% last year)
• Nigerian letter fraud: 30% (31% last year)
• Inheritance scam: 21% (24% last year)
• Pretending to be government services: 20% (25% last year)