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The Securities Commission is warning against what it calls a "new wave" of telephone share scams.
The commission said it was getting a lot of calls about offers of investments from bogus overseas brokers.
"They target people with small businesses and are convincing and persuasive," director of market supervision John Mulry said.
"Hanging up on them is the best response. Talking to them gives them the opportunity to persuade people to send money. Money once sent is inevitably lost."
He said the fraudsters regularly changed their tactics, their names, and the countries they operated from to avoid detection.
The commission has named three new bogus brokers calling New Zealanders: Prestige Group Limited, apparently from the US; Brown & Company Trading Inc from Japan; and Deacons Lasalle from London.
- NZPA
