A staggering sum of just under $200 million has been lost to scams in the past year, as reported by 11 of the country's largest financial institutions.

This revelation comes as the Ministry of Business, Innovation and Employment (MBIE) launches Fraud Awareness Week 2023, with a singular focus on safeguarding consumers from falling prey to investment scams.

To combat this growing threat, MBIE and the Banking Ombudsman Scheme have joined forces to create a powerful social media campaign.

A familiar face, psychologist Nigel Latta, takes the lead in this initiative, building upon his program, 'You’ve been Scammed by Nigel Latta,' which aired on TVNZ earlier this year and remains available on TVNZ on Demand.

Together, they aim to equip the public with knowledge to recognize and protect themselves from these fraudulent schemes.

Not to be left behind, the Financial Markets Authority has also launched a social media campaign of its own, partnering with comedian Tom Sainsbury.

This campaign vividly illustrates the deceptive tactics employed by investment scammers, shedding light on how to identify these pitfalls.

Ian Caplin, MBIE’s spokesperson for Fraud Awareness Week, emphasizes the need for vigilance, asserting that scammers target individuals across New Zealand, particularly those with savings or investments who are seeking to grow their wealth.

He advises, "It’s important to remember real investments don’t just come out of the blue. If it seems too good to be true, then it probably is. If you receive unsolicited investment offers via email or through a 'cold call,' ignore it. It’s illegal to sell financial products through these methods in New Zealand."

Caplin further advises potential investors to verify any unsolicited offers, urging them to contact institutions directly through the official websites to validate documents and payment instructions before parting with their hard-earned money.

The Financial Markets Authority (FMA) website offers vital warnings and real-life examples of scams, providing valuable resources to the public.

In case someone falls victim to a scam, Caplin emphasizes immediate action: "If you think you’ve been scammed, stop all contact with the scammer.

Do not make any more payments and contact your bank immediately.

Report all investment scams to the FMA, and scams in general to CERT NZ to stop others from falling victim." His parting advice is simple but crucial, "If you don’t understand it, walk away. Before you make any investment, understand how the investment works."

Fraud Awareness Week is orchestrated by MBIE in its role as the chair of the Inter-agency Fraud Awareness Group, reflecting the collective effort to combat scams that have drained nearly $200 million from the New Zealand public.

It's a reminder that while scammers may be relentless, so too is the commitment to protect the community from their deceptive schemes.