COVID-19 rorts, investment scams and pyramid schemes targeting Kiwi Pacific communities are on the rise.
Regulators have launched an awareness campaign to warn New Zealanders about the worrying issue which has worsened since the impact of the pandemic.
The Financial Markets Authority revealed there had been a steady increase in complaints about a variety of scams since the beginning of March.
A cryptocurrency campaign on social media using fake news articles and false celebrity endorsements to promote Bitcoin investments has been the most reported scam.
The regulators’ campaign includes tips on how to spot scams and
FMA Director of Regulation Liam Mason said although scammers don’t discriminate, targeting Kiwis of all ethnicities, there are certain scams that have been aimed specifically towards Pacific communities.
“We saw the OneCoin pyramid scheme proliferate through Pacific social and community groups,” he said…