With innovations like digital wallets and payment apps rapidly transforming the New Zealand payments market, the Ministry of Business, Innovation and Employment (MBIE) is asking if the rules for payment services are still fit for purpose.
Kiwis have lost a gross total of $265 million to fraud over the last 12 months with fraudsters and scammers using innovative methods to prey on vulnerable people.
The Government is amending the penalties for breaching the Fair Trading Act 1986 to provide a strong deterrent for unfair and misleading conduct, and making changes to enable product safety standards to be kept up to date. These changes aim to better protect consumers and provide businesses that trade fairly with a level playing field.