New Zealand’s Financial Markets Authority has backed a cross-sector initiative to fight scammers.

Executive director of licensing and conduct supervision Clare Bolingford says the New Zealand Anti-Scam Alliance “is a significant move forward in a co-ordinated … response” to online swindlers.

The alliance, launched last week, brings together government agencies, banks, telecommunications providers, digital platforms and consumer groups to co-ordinate and enhance consumer protection.

It will also lead the development of a national anti-scam strategy, update industry codes of practice, raise public awareness and support businesses and consumers with tools to combat fraud.

“Collaboration is a vital factor in the fight against scams,” Ms Bolingford said. “We look forward to playing our part in the alliance.”

More than 60% of New Zealanders encounter online financial scams each month, according to the government.

“It is unacceptable that so many Kiwis are swindled … and it is crucial we get on top of the problem,” Commerce and Consumer Affairs Minister Scott Simpson said.