Multiple sectors are working together to shut financial scams down in real time

The New Zealand Anti-Scam Alliance looks to reduce the number of Kiwis falling victim by establishing a formal structure for government agencies, banks, telcos, digital platforms, and consumer groups to share data.

Banking Association chief executive Roger Beaumont says it's a step in the right direction.

He says they've been arguing for a while that the Government needs to take a lead on this issue, because no single industry can do it on their own.