Rise in Scams & Key Contact Team

The rise in scams is something we are seeing more and more across the business community, and unfortunately they are becoming far more sophisticated than the old “obvious” scam emails many of us are used to spotting.

With advancements in Artificial Intelligence (AI), scammers are now able to mimic professional communication styles, use publicly available information to build trust, and time their approaches around real business activity. AI has also significantly lowered the cost and effort required to run these scams, allowing fraudsters to target far more people with increasingly convincing and personalised communications.

We wanted to share a few recent close-to-home examples, as a reminder to stay vigilant.

The Sophisticated Bank Impersonation

A client had been experiencing issues logging into their ASB Business Banking, and had contacted ASB multiple times for assistance.

A week or so later, they received a call from someone claiming to be from the “ASB Fraud Division” stating an unusual transaction had gone through the account.

The caller knew the client’s full name, personal details, had them complete security questions, and even had the serial number from the back of their physical banking token. They advised the token was “out of sync”, which was supposedly causing the login issues.

The scammer then asked the client to read out the generated codes so they could “resync” the device and fix the login problems.

Unfortunately, those codes were actually being used to authorise transactions in real time. By the time suspicions were raised, the accounts had been emptied, including use of the available overdraft facilities.

What made the situation particularly difficult was how believable the circumstances were. The client had already been dealing with genuine banking access issues and had been in contact with ASB multiple times beforehand, which made the call feel entirely legitimate and consistent with what they were already experiencing.

We have also since heard of another client receiving a very similar call from someone impersonating the ANZ Fraud Division, which further highlights how sophisticated and convincing these scams have become.

In situations like this, it is easy to understand how someone could genuinely believe they were speaking with their bank, particularly when the caller already has access to personal information and appeared to understand the background circumstances.

The “Perfectly Timed” Follow-Up

Another client had been working with us on cashflow forecasting and discussing lending options. The following day, they received an email from a scammer posing as a finance broker thanking them for their enquiry and inviting them to click a link to “begin the next steps for funding.”

Because finance discussions were already front of mind, the email felt entirely plausible. Thankfully, they checked with us first to see if we had reached out to a finance broker on their behalf before proceeding.

This highlights how scammers are increasingly relying on timing and probability, knowing many businesses are currently reviewing lending, managing cashflow pressures, or refinancing facilities.

The “Legitimate” Fraud Alert

Kirstyn's husband recently received a text message advising there had been suspicious activity on his credit card, along with a number to call to discuss.

However, rather than clicking any links or calling the number provided in the text, they independently searched for the bank’s official 0800 number and contacted them directly. It turned out to be legitimate, but taking that extra step ensured they knew exactly who he was speaking with and could handle the situation confidently and through the correct channels.

A Few Practical Reminders     

While scams continue to evolve, a few simple habits can make a significant difference:

• Trust, but verify - If you receive an unexpected call or message from your bank or a provider, ask them for their details and that you will ring back. Contact them back using a publicly listed number you source yourself, or your personal bank manager.

• Never share banking token or MFA codes - These codes are intended to be entered by you directly into secure websites or apps, not read out over the phone.

• Double-check links before clicking - Hover over links to preview the destination address. If something feels off, it probably is.

• Keep devices secure - Ensure antivirus software, updates, and multi-factor authentication (MFA) are enabled across devices and apps.

• Slow the process down - Scammers rely heavily on urgency and panic. Taking a few extra minutes to verify information can prevent significant financial loss.

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Team Update - Making it Easier to Connect with Us

With scams and impersonation attempts becoming increasingly sophisticated, we know it is more important than ever that you feel confident about who you are communicating with. We also want to make it as easy as possible for you to connect with someone directly whenever you need support, have a question, or simply want to talk something through with us.

Many of you will already have spoken with, emailed, or worked alongside members of our Key Contact team. They are here to make it easier for you to reach the right person and get the support you need.

Kirstyn Chui Morgan Alex

Business strategy, Business advisory Client care, business Software systems

advisory amd financial tax planning and advisory and financial financial reporting &

planning financial reporting reporting business advisory

    Sokunthy Som Sabine

     GST, payroll support, GST, ACC, financial Office Management,

financial reporting and reporting and tax Client administration, and

          tax compliance compliance company statutory compliance

At the same time, please know that we work closely together as one team. If your usual contact is not available, another one of our Key Contacts will be happy to help. We keep each other updated, so you can feel confident that we understand what is happening across your affairs and can point you in the right direction.

You may also hear from other members of our wider team from time to time, or when you ring the office. They play an important role behind the scenes, helping to ensure we can continue to provide consistent, connected support.

Our website showcases our wider team, and we encourage you to take a look and familiarise yourself with the Chung Associates team.

As always, thank you for your continued trust and support.

Next Thursday brings the 2026 Budget announcement, so keep an eye out for our newsletter next Friday, where we will share the key updates and what they may mean for you and your business.