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New Zealand Banks Used Fraud Intelligence Exchange to Recover NZ$10 Million of Stolen Funds, Banking Association Says

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Banks in New Zealand used the Fraud Intelligence Exchange (FIX) system to recover roughly NZ$10 million in stolen funds during the past nine months, the New Zealand Banking Association said Monday.

"It's worth noting that the NZ$10 million only relates to FIX, which is just one tool banks use to help recover customer scam losses," said Roger Beaumont, the association's chief executive.

FIX also revealed nearly 5,000 money mule accounts, which are domestic bank accounts scammers use to transfer stolen funds, sometimes without the knowledge of the account owner.

ANZ Group's (NZE:ANZ, ASX:ANZ) New Zealand shares added about 2% in recent Monday trade, while its Australian shares gained 1%. Westpac Banking's (NZE:WBC, ASX:WBC) Kiwi and Australian shares each rose 1%. Shares of Commonwealth Bank of Australia (ASX:CBA), which owns ASB Bank in New Zealand, jumped past 1%.

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