CBA has announced plans to expand its anti-scam technologies
Commonwealth Bank of Australia (CBA) has announced plans to expand its anti-scam technologies. Matt Comyn (pictured), CEO of CBA, shared the update on CBA’s scam initiatives with Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, during the minister’s visit to CBA's offices in South Eveleigh, Sydney.
Developed in partnership with Quantium Telstra1, Scam Indicator had gone through a pilot to identify potential scam phone calls in an effort to protect both Telstra and CBA customers and has now gone live.
CBA will also be extending its NameCheck technology to other organizations that process payments. The technology provides an indication of whether the name and account details they entered look correct before making a payment.
"We are focused on helping customers stay safe by improving early detection and prevention of scams and want to make Australia less attractive for scammers," said Comyn.
"We know the risk of losing money to scams continues to be a top concern for our customers. The battle is ongoing and we must all remain vigilant to scams. To combat it effectively we must coordinate across financial institutions, telcos, government, social media and digital platforms.”
Pressuring customers to make scam payments
In a news release, CBA said making phone calls is one common way that scammers operate. They pressure their targets verbally to make payments.
CBA released new data showing the number of potential scam payments NameCheck was able to prevent, recording over 10,000 cases. The scam payments could have totalled to more than $38 million.
NameCheck was also able to reduce mistaken payments by more than $100 million since March 2023.
Have thoughts about the new technologies? Let us know in the comments below.
