An ASB fraud expert on what’s changed - and how to stay safe.

Impersonation scams, where criminals contact you pretending to be your bank or another trusted organisation, have long been a threat – and businesses are increasingly being targeted.

In the past, a scammer might have been easier to spot, giving themselves away through telltale signs like line interference or an unknown number.

But Natasha Dymond, ASB’s head of fraud and scams risk, says scams are evolving far beyond the usual red flags – getting smarter and more convincing with advanced tools and new ways to target people.

“They’re sophisticated criminal organisations whose operations are continually growing. They’re outsourcing some of their activities, including hiring people in the UK to make the phone calls,” she explains.

“They disguise the phone number they call from so it looks like it’s coming from ASB, which might present as a known number, and they may have researched the person they’re calling and can quote personal details that make them more convincing.”

“The technology is so good now that you don’t get the classic tells often associated with a scam call. People think they’re easy to pick – and they’re not.”

Businesses might appear less vulnerable to scams, but fast-paced work environments and delegated decision-making creates “the perfect conditions for scammers to strike and make new victims out of people we wouldn’t have seen be victimised previously”, says Dymond.

One of the most common methods they’re seeing is cold call bank impersonation scams.

“It’s where scammers call customers and impersonate our fraud team, saying ‘you’ve been compromised but I can help’. They may be able to quote a few pieces of your information stolen from a data breach, or things they’ve researched online, so they come across as quite legitimate”.

“Basically, they’re impersonating our banking teams, encouraging people to visit fake websites and read out their banking verification or security codes to authorise transactions.”

“ASB’s fraud team will never ask you to read out verification codes or ask you to log in to a website or app,” Dymond says. She says it’s critical for every business employee to be aware of the threats that exist and know how to spot them.

“We see too many cases where the business owner or a senior leader is highly scam-aware, but others in the business aren’t. They’re the ones who take a phone call and get tricked into doing things or sharing details that give scammers access to accounts.”

New Zealanders are naturally trusting people, but Dymond says we need to be more diligent.

“It’s really important to have a good questioning culture where people think ‘I’m not sure about this, I’m going to ask my boss’, or ‘I’m going to take a moment to research this or look it up’.

“It’s a bit hard to tell people they need to be a little bit less trusting, but I think ultimately that’s what we need to be doing with unexpected callers. We have to be a bit more careful.”

ASB has ever-evolving measures in place to help prevent fraud and scams, but many scams rely on social engineering to trick people and access their funds, so it’s important we all stay alert and informed.

New Zealanders were defrauded of $265 million in the 12 months to November 2025, with nearly half ($126 million) of that figure lost by individuals who were tricked into authorising payments.

“We have technology in place to help keep customers safe, but scammers are getting around it by manipulating people,” says Dymond.

“So we’re widening our approach and working more closely across the industry by working with other banks, telcos, and government agencies.

“We have an industry programme of work going on to disrupt scam activity and to work together to educate customers.”

So what should someone do if they think their business has been scammed?

“Call us as soon as possible on 0800 ASB FRAUD. I can’t say that strongly enough.

“I know that there can be a lot of stigma or embarrassment around being scammed, but it’s what we do every day, and it can happen to anyone.”

Time is a factor also.

“The problem we have now is that money moves so fast these days, so it’s really hard to get that money back – particularly in these sorts of scams where they often send it offshore – so we need to know as soon as possible to stand any chance of getting it back.”

Dymond says there is a misconception that scams only happen to less aware or older people.

“Nobody thinks that it’s going to happen to them. We see fraud experts and cybersecurity experts get hit. I think there’s a real misconception that if you’re smart and up to date on technology, you’ll be fine.

“I think what’s underestimated is the impact these scams can have on a business. It can send a business under – it’s pretty heartbreaking to see that.”

ASB’s top tips for protecting your business from scammers:

• Never share verification codes with unexpected callers. The ASB fraud team will never ask you to read these out.
• Make sure the whole team stays alert and informed. Scammers often rely on tricking people - so ongoing awareness is key.
• Encourage a questioning culture. People should feel confident to pause, check, and ask if something doesn’t feel right.
• Turn on multi-factor authentication wherever possible. Also consider requiring a second authoriser for business payments.

If you think your account has been compromised, contact your bank immediately. For more information that can help you stay safe from scams, head to ASB Scam Hub.