He told reporters in Auckland the new unit would cost less than $1 million to set up.
“Reports show that Kiwis were scammed out of a record $20m last year alone ... Labour wants to stop scammers in their tracks, and ensure their victims are being supported and educated to avoid being stung in future.”
He said the party had been working closely with banks on the matter for some time, but the new unit would help clarify the steps banks should take to detect scams and shut them down and identify who should pay for compensation.
Work by the FMA to target scams had led to a decrease in scamming rates, with the percentage of small and medium enterprises affected falling from 47 per cent to 34 per cent, and one in 10 New Zealanders falling victim to scams, he said.
There was currently no clear set of rules over who was financially liable after a scam, and the banks he had spoken to were “very keen” to work with the Government, he said.
The unit would not have increased powers, but would co-ordinate efforts, Webb said.
“There are certainly instances where banks could do better, and we need to explore that.
“This is just another step, an additional step we can take to improve the response.”
He had not spoken directly to any social media companies yet, but said they “absolutely need to be part of the solution”.
