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26 November 2024

Deposit comparison site – Fake bond and deposit product offers mis-using name of well-known firms and banks

We have received reports about investors receiving telephone calls from persons who purport to be from a well-known investment firm, offering investment with Heartland Bank bond, through the website comparetermdepositsnz.com.

We have seen similar scams in the past involving the use of well-known investment firms in the offer of fake bonds and other fixed term deposit products in the name of Heartland Bank, as well as a number of other New Zealand and overseas banks. Please see our past warnings about these scams:

How the scam works

  1. The victim sees an advertisement or visits an invest comparison website (like comparetermdepositsnz.com), where they are prompted to enter their contact details.

  2. The victim receives a call from someone claiming to be an investment adviser from a well-known New Zealand firm.

  3. The ‘investment adviser’ will speak to the victim about an investment opportunity, usually with a well-known New Zealand bank or investment firm. The adviser may provide detailed but fraudulent investment documentation to the victim while attempting to persuade them to invest.

  4. Once the victim makes their investment, the scammer ceases contact, and the funds are lost.

  5. Website redirection service may also be used to redirect people to the official website of an organisation to mislead people into thinking that the scam website is legitimate.

We recommend caution when dealing with people who claim to be from well-known investment management firms, especially after you enter your personal details in deposit comparison websites such as comparetermdepositsnz.com.

Investors should conduct due diligence checks by contacting the investment firm or financial institution the caller claims to represent, to verify their identity before investing. Make sure you do not use the contact information provided by the caller. Instead, use the contact information listed on their official website.

Entity: comparetermdepositsnz.com
Website: comparetermdepositsnz.com