It is definitely a wake up call for the industry in New Zealand and for customers in New Zealand.
The bank is very concerned about this incident and is working actively with police investigating the matter, and other banks.
We have been advised of suspect transactions on a small number of Bank of New Zealand customer accounts which suggest that fraudulent transactions were conducted offshore.
We have heard of banks being slow, but we've had this pilot going for some time and we've not had any real problems. We've heard the stories but we haven't experienced it yet.
