New Zealand banks clawed back $10 million in nine months. Here's how.
New Zealand's retail banks have recovered around $10 million in stolen funds for scam victims over the past nine months, using a new inter-bank intelligence platform that is already reshaping how financial institutions respond to fraud in real time.
The results come from the Fraud Intelligence Exchange — known as FIX — a technology system that allows banks to identify and share information about suspicious accounts faster than was previously possible, and to freeze funds before they can be moved offshore. The data was provided by GetVerified, a not-for-profit anti-scam solutions provider that delivers both FIX and New Zealand's new Confirmation of Payee service.
Nearly 5,000 mule accounts identified
Beyond the headline recovery figure, FIX flagged close to 5,000 so-called money mule accounts — domestic bank accounts used, knowingly or otherwise, to funnel stolen money before it is transferred out of reach. Once funds leave New Zealand's banking system and move overseas, recovery becomes extremely difficult.
New Zealand Banking Association chief executive Roger Beaumont (pictured) welcomed the early results while noting they represent only part of the picture.
"It's great to see this tech having a tangible impact in a relatively short time," Beaumont said. "The $10 million recovered from scammers is $10 million that might otherwise have been stolen from everyday New Zealanders, causing a great deal of emotional and financial harm."
Bank scam compensation: what's covered and what isn't
FIX sits within a wider package of changes that came into force on 30 November under the updated Code of Banking Practice. The update introduced a compensation framework: where a bank fails to meet its new scam-protection commitments, it will compensate eligible customers for all or part of their loss — though cover does not extend to losses beyond the bank's control, such as scams originating on social media or fake search results.
The government is also moving further: the Fair Trading Amendment Bill, introduced in May 2026, proposes a safe harbour for online platforms that remove scam content quickly.
For mortgage advisers, the $10 million figure is a prompt rather than a reassurance — particularly for clients transferring large sums during a property settlement, where scam risk is highest.
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