It is set to become the first customer-owned bank to integrate the feature
Teachers Mutual Bank Limited (TMBL) has announced it will pilot Commonwealth Bank’s NameCheck technology, marking a first for the customer-owned banking sector.
The pilot will initially integrate the NameCheck feature into the internet banking platform of Teachers Mutual Bank this month, with plans to expand the technology to its other brands — Health Professionals Bank, Firefighters Mutual Bank, and UniBank — in the coming months. The initiative aims to enhance security and reduce the risk of scams and mistaken payments.
NameCheck technology provides customers with an indication of whether the account details they enter appear correct, offering an additional layer of protection against potential scams. Commonwealth Bank reported that between March and December 2023, the technology helped prevent over $200 million in fraudulent and mistaken payments.
Alison Chang, general manager of payments at Commonwealth Bank, emphasised the importance of early detection and prevention in combatting scams.
“While it’s great to see losses are falling across the board, the threat of scams continues to be high, and we continue to work hard to help Australians stay safe,” Chang said. “We’re excited to extend our NameCheck technology to other trusted organisations including mutual banks and look forward to having a customer-owned bank on board.”
Anthony Hughes (pictured), chief executive of Teachers Mutual Bank, said their participation in the pilot would offer positive benefits for customers by helping to reduce mistaken payments.
“By participating in this pilot, we’ve fast-tracked our ability to roll out advanced scam prevention technology to our customers,” Hughes added. “In fact, we’re the first customer-owned bank to implement a security feature to indicate if account details look right.
“This collaboration is a significant step towards the banking industry helping protect customers against scammers, mistaken payments, and fraudulent activity. By working collaboratively across the industry we can quickly deliver and achieve great outcomes for our customers.”
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