Citi urges consumers to be vigilant against investment scams

AUCKLAND,New Zealand,June 9,2023 -- Global financial institution Citi is urging consumers to remain vigilant following a spate of scams that have used the company's branding to deceive unsuspecting New Zealanders.

Citi provides a range of financial services to institutional,government and corporate clients but does not offer products or services to individual retail customers in New Zealand. In recent months,criminals have used the branding of legitimate financial institutions and banks,including Citi,to entice victims into fake investments. Criminals often use the real names of employees of those institutions when reaching out to potential targets.

In many instances,victims have been approached directly by fraudsters after submitting their contact details into unregulated,third-party investment comparison sites.

Derek Syme,Citi Country Officer for New Zealand said,"We are urging New Zealanders to be aware and alert to the threat of financial scams. Criminals are using sophisticated methods to deceive,and our own people have also been the victims of identity theft when their names are used to carry out this criminal activity. Awareness and vigilance is our best defence in combatting this threat."

Citi offers the following suggestions:

Citi does not offer financial services products or investments to individual retail consumers,in New Zealand.

Be wary of unsolicited contact or offers from people purporting to be from Citi.

Citi employees use the same email format with the extension: "@citi.com". Any variation on this email format is fraudulent.

Fraudsters are illegally using the names of real employees with legitimate profiles on LinkedIn. They are also creating fake profiles.

Learn more: Avoiding scams | Consumer Protection

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs and is a global leader in wealth management. Citi conducts business in nearly 160 countries and jurisdictions,providing corporations,governments,investors,and institutions with a broad range of financial products and services. Citi in New Zealand does not offer financial or investment services to individuals.