New Zealand banks have successfully recovered approximately $10 million in funds lost to scams over the last nine months. This recovery was enabled by the Fraud Intelligence Exchange (FIX), a platform designed for secure sharing of fraud data between retail banks. The FIX system identifies and flags mule accounts – those used to launder stolen money – allowing banks to intervene before funds are permanently lost. So far, the exchange has identified around 5,000 such mule accounts. By proactively sharing intelligence, banks are able to freeze compromised funds and improve their collective defense against fraud. The initiative demonstrates a collaborative approach to combating financial crime within the New Zealand banking sector. This technology aims to disrupt scam operations and protect customers from financial loss.