Debit and credit card fraud were predominant concerns
New data released by banking giant NAB reveals that the institution received more than 850,000 calls last year from concerned customers reporting scams and online fraud.
Debit and credit card fraud were predominant concerns, accounting for approximately 60% of all calls received by NAB's fraud and scams team over the past year, according to a report by The Australian. In response to these statistics, NAB has taken steps to reinforce protections for customers using its banking app.
NAB's group investigations and fraud executive, Chris Sheehan (pictured above), said that the bank is now offering customers multiple avenues to report card fraud, including NAB messaging, app, and internet banking, in addition to the traditional phone call. This initiative aims to provide customers with simple, secure, and safe alternatives to contact one of NAB’s fraud experts, The Australian reported.
Sheehan said that approximately 74% of NAB's customers exclusively utilise digital channels. Since the introduction of real-time scam payment alerts in March 2023, NAB reported that customers had abandoned approximately $50 million in sales.
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“While many customers ultimately complete their payment after receiving an alert, we know many are stopping and checking,” Sheehan told The Australian. “We’ve seen $50 million worth of payments completely abandoned. That’s an average of $220,000 each day.”
To address the growing concerns surrounding online scams and fraud, NAB has bolstered its scams team over the past 12 months, reducing wait times from 50 minutes to just 10 minutes, The Australian reported. This improvement aims to enhance customer experience and streamline the reporting process.
These revelations come at a time when banks are under pressure to address the escalating issue of online scams and fraud. In response, banks have announced measures to block customers from transferring money to fraudulent accounts.
The Commonwealth Bank, for instance, recently launched programs designed to detect scam phone calls. Similarly, Westpac has introduced new digital payment features aimed at preventing losses resulting from scams.
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