The Financial Markets Authority (FMA) has warned New Zealanders about three types of scams that have become more common since the start of the COVID-19 pandemic.

FMA recorded 158 complaints about investment scams and fraud for the first half of 2020 – a 79% increase year over year. From January to June, the regulator issued 36 public warnings about suspected scams and other non-compliant entities – up 29% from the same period last year.

The three types of scams FMA is particularly concerned with are:

  • Social media contact scams, where scammers use social media platforms to identify and/or make contact with possible victims….

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