TechFlow News, June 14: According to B2B News New Zealand, fraud-related crimes in New Zealand caused approximately USD 160 million in economic losses over the past year. Among these, “romance and trust scams”—fraud schemes built on establishing “relationships and trust”—accounted for roughly USD 19 million in losses.
The report states that Pacific communities in New Zealand are increasingly becoming prime targets for cryptocurrency fraud. Due to their strong community cohesion and extensive social networks—including family ties and church affiliations—fraudsters frequently exploit internal trust mechanisms to promote fraudulent investment schemes, thereby amplifying the reach and impact of their scams.
The report notes that Pacific communities wield significant economic influence in New Zealand. Historical data shows this group has contributed approximately USD 4.8 billion to the country’s gross domestic product (GDP), while affiliated church organizations manage assets exceeding USD 300 million—factors that make them a key focus for fraud syndicates.
In February this year, New Zealand’s Financial Markets Authority (FMA), in collaboration with multiple international regulatory bodies, issued a risk alert regarding the unregistered cryptocurrency investment scheme BG Wealth Sharing, urging the public to remain vigilant against related fraudulent activities.
As cryptocurrency investments become more widespread, regulatory authorities across multiple countries continue intensifying efforts to combat fraudulent investment platforms and cross-border scam networks, while advising investors to verify platform credentials and regulatory information before participating in high-yield investment opportunities.
