NZers losing millions on overseas share scams

The Securities Commission is warning people to slam down the phone on scam artists offering share deals from overseas, saying New Zealanders have already lost at least $30 million.

The Securities Commission has set up a website -- www.sharescams.org.nz -- to warn of the risk.

"These fraudsters keep changing their names and the countries they operate from," director of enforcement Norman Miller said.

"This helps them avoid detection while they keep the money rolling in."

He said in a recent scam people who had already been scammed once were contacted again with an offer to buy their shares .

The catch -- send more money first.

"We estimate at least $30 million has been lost by people who have told us their experiences," Mr Miller said.

"We know that this must be the tip of the iceberg."

He said the only wise choice was to slam down the phone immediately as giving the scammers a chance to talk only gave them the chance to persuade.

- NZPA