Although POLi Payments stresses that security is a high priority for POLi,
[11][12] concerns remain regarding exposing the user's banking credentials to POLi, and liability for fraudulent transactions.[13][14][15]
ASB Bank, one of New Zealand's largest banks, has responded to POLi with a release stating that POLi is "spoofing/mirroring" their on-line banking pages and capturing customer information, and "due to the serious security and fraud risks" recommending that their customers not use it.
[16][17][18] The release also claims that ASB has asked POLi to remove support for ASB customers from their service. POLi responded to the ASB advisory with an announcement, refuting the claims,
[19] and apparently reverting the version of the payment system.
[16]
ANZ New Zealand,
[20] Bank of New Zealand,
[21] Kiwibank,
[22] Commonwealth Bank,
[23] Westpac[24] and
Police Bank[25] are also warning customers against using POLi. ANZ and Kiwibank have further advised that
use of POLi invalidated the bank's online guarantee, potentially making the customer liable for any losses if their online banking account were to be compromised.
[22] POLi's terms and conditions note "We are not making any representation that we or POLi™ have the approval or, an affiliation with, or any licence from or agreement with your financial institution to operate or make POLi™ available for use by you."
[26]
Unlike payments via
credit cards, payments made via POLi are not able to be reversed by the bank