NZ FMA's Latest Warnings Issued: Comparison Site and Suspected Scam

The New Zealand Financial Markets Authority (NZ FMA) issued new warnings against two entities that may be committing fraud on 12 April 2024, as listed below.

NZ Compare Rates - a comparison site harvesting investor details

NZ Compare Rates operates a website claiming to “compare New Zealand’s best investments”, which states that investors can “invest up to $100k safely with the Depositor Compensation Scheme”. However, no such scheme is currently offered in New Zealand. 

The website prompts consumers to enter personal contact details and details of proposed investments into an online form.  

The NZ FMA believes this website is a front, used to collect personal information from New Zealanders, which then enables overseas scammers to contact them with fictitious term deposit investments.  

Multi Global Leaders - suspected scam

Multi Global Leaders claims to be based in New Zealand and offers managed investment plans. It is required to be a registered entity but is not listed on the Financial Service Providers Registry. Multi Global Leaders is also not a registered company in New Zealand.  

Multi Global Leaders also appears to be showing fake company registration documents which imply it is registered overseas.