TL;DR: At 65, Kiwis can access their KiwiSaver, and scammers know it. They pose as investment firms, banks or brokers, use fake comparison tools to harvest contact details, and push quick, high, low-risk returns with a request to keep it secret. One 72-year-old Auckland man lost $209,000 to fake "British brokers." Before moving any money, check the provider on the FSPR and FMA warnings, and call your existing provider.
How KiwiSaver scams work
From BNZ:
- Scammers pose as reputable investment firms or banks, targeting people approaching 65.
- Fake online comparison tools collect your contact details; then a "broker" calls.
- Offers promise quick, high returns with minimal risk, and ask you to keep it private.
The Retirement Commission noted fraudsters target people who suddenly have access to large sums, and pressure them to move KiwiSaver to unverified new providers.
A real case
The Retirement Commission described a 72-year-old Auckland man who lost $209,000 to two men posing as British brokers for a Hong Kong asset manager. He only realised after seeing an FMA warning.
Lifetime of saving, one phone call. That’s why this one deserves ten minutes of your attention.
Red flags
- Pressure to commit fast ("limited spots")
- Returns too good to be true
- Requests to keep it secret (even from family)
- Payment by gift card, money transfer or crypto
- Email addresses with look-alike characters ("1" for "l")
How to check before you move a cent
- Don’t use contact details from emails, links or messages. Find the firm’s official NZ website yourself.
- Check the firm on the FMA website and the Financial Service Providers Register (how).
- Check the FMA’s warnings and alerts.
- Make sure email domains match the official website.
- Talk to your current KiwiSaver provider or a registered financial adviser first.
Before a big withdrawal
BNZ suggests considering regular withdrawals or smaller lump sums, and reviewing your fund with your provider. A big balance sitting in a bank account makes you more visible to scammers.
If you’ve paid
Call your bank immediately, then report to Police (105) and the FMA. Beware recovery scams.
Related: deepfake politician ads and fake "Kiwi bonds". A free exposure check shows if your contact details are in breach data.
Frequently Asked Questions
Why do scammers target people turning 65 in NZ?
At 65 people can access KiwiSaver savings, so scammers target those with sudden access to large sums.
How do I check a KiwiSaver or investment provider is real?
Find its official NZ website yourself, check the FMA and Financial Service Providers Register, and review FMA warnings.
What are the red flags of a KiwiSaver scam?
Pressure to act fast, too-good returns, requests for secrecy, and payment by gift card, money transfer or crypto.
Sources
- BNZ: Protecting your retirement nest egg from scammers
- Retirement Commission: KiwiSaver retirement accounts prime target for scammers