Business Daily Media

Men's Weekly

.

Citi urges consumers to be vigilant against investment scams

  • Written by PR Newswire
Citi urges consumers to be vigilant against investment scams

AUCKLAND, New Zealand, June 9, 2023 /PRNewswire/ -- Global financial institution Citi is urging consumers to remain vigilant following a spate of scams that have used the company's branding to deceive unsuspecting New Zealanders.

 

Citi provides a range of financial services to institutional, government and corporate clients but does not offer products or services to individual retail customers in New Zealand. In recent months, criminals have used the branding of legitimate financial institutions and banks, including Citi, to entice victims into fake investments. Criminals often use the real names of employees of those institutions when reaching out to potential targets.

In many instances, victims have been approached directly by fraudsters after submitting their contact details into unregulated, third-party investment comparison sites. 

Derek Syme, Citi Country Officer for New Zealand said, "We are urging New Zealanders to be aware and alert to the threat of financial scams. Criminals are using sophisticated methods to deceive, and our own people have also been the victims of identity theft when their names are used to carry out this criminal activity. Awareness and vigilance is our best defence in combatting this threat."

Citi offers the following suggestions:

  • Citi does not offer financial services products or investments to individual retail consumers, in New Zealand.
  • Be wary of unsolicited contact or offers from people purporting to be from Citi.
  • Citi employees use the same email format with the extension: "@citi.com". Any variation on this email format is fraudulent.
  • Fraudsters are illegally using the names of real employees with legitimate profiles on LinkedIn. They are also creating fake profiles.
  • Learn more: Avoiding scams | Consumer Protection[1]

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs and is a global leader in wealth management. Citi conducts business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, and institutions with a broad range of financial products and services. Citi in New Zealand does not offer financial or investment services to individuals.

 

 

References

  1. ^ Avoiding scams | Consumer Protection (www.consumerprotection.govt.nz)

Read more https://www.prnasia.com/story/archive/4124544_AE24544_0

Minns Labor Government shutting down the Business Connect program

The NSW Opposition is concerned that the Labor government will shut down a support program that has assisted New South Wales businesses. In a media ...

Samsara Eco appoints Dr. Lars Kissau as General Manager for Asia

Australian biotech innovator Samsara Eco has announced the appointment of Dr Lars Kissau as its first General Manager of Asia. Based in Singapore...

From the first bounce to the final siren - small business lessons from the AFL Grand Final

The AFL Grand Final is one of the most anticipated days on the sporting calendar. This Saturday, the Geelong Cats and Brisbane Lions will battle i...

Australia’s top finance leaders recognised as CFO role expands

Amid surging regulatory demands and rapidly evolving industry, Australia’s most influential Chief Financial Officers will be honoured at the inaug...

Why outdated security leaves small businesses exposed to crime

Small and medium businesses in Australia are under increasing pressure to address security gaps that criminals readily exploit. An unlocked door, an...

Why it’s time telcos rethink location and put customer experience first

Maurice Zicman, Vice President - CX Strategy at TP in Australia unpacks why the telco industry must rethink old assumptions and focus on digital-f...

Sell by LayBy