New Scam Detection, Prevention and Education Initiatives to Keep More Customers Safe

Commonwealth Bank announced enhancements to its scam prevention, detection and customer support strategy with additional technology initiatives including industry-first NameCheck technology for money transfers and new caller verification via the CommBank app.

The bank also released new research indicating Australians are more concerned about scams than four months ago and one in four believe scammers contact them at least six times a week.

CBA’s Group Executive Retail Banking, Angus Sullivan, said: “Scammers are attempting to cause harm to our customers and the community every day and we are working hard to utilise our technology and customer insights to help keep their hard-earned money safe.”

In an Australian banking first, CBA is introducing its NameCheck technology to give customers an indication of whether the name and account details they entered look right.  Launching in late March, the technology can help reduce false billing scams – known as business email compromise – as well as mistaken payments. It will be available on the CommBank app, NetBank and CommBiz.

“As Australia’s biggest bank, we have been able to apply unique technology and advanced algorithms to our data on recipient account names which gives customers making first time payments a view of the likelihood that the name and account details match. It also prompts them on steps they can take to help ensure they are sending their money to the correct account.

“When they transfer money online many people assume the intended recipient’s account name is checked as well as the BSB and account number, but in most cases this is not possible. We now have the data and technology to improve this,” said Mr Sullivan.

The bank has also launched in-app caller verification technology through a feature called CallerCheck to give customers peace of mind that CBA is genuinely contacting them. The functionality allows CBA staff to trigger a notification to the customer’s CommBank app verifying the call is from the bank and allowing the customer to log in and verify their identity in-app, removing the need to provide personal information over the phone.

“Across all industries, scammers are impersonating organisations asking for personal information.

“Prior to CallerCheck there was no easy way for a customer to verify if they were genuinely speaking to the bank. CallerCheck gives customers the confidence that our call is genuine and can be confirmed in real time in the safe and controlled environment of the CommBank app,” Mr Sullivan added.

Today’s initiatives build on a suite of recent announcements from the Bank aimed at protecting customers from scams, including Behavioural Security technology announced last year designed to detect suspicious and unusual behaviour, as well as the national awareness-building campaign CommBank Safe that is part of a broad, longer-term initiative to raise awareness and help protect Australians from scams.

Survey results

Detailed findings of the latest CBA Scams Community Survey include:

• Over the past four months, 29% are much more concerned about scams, while a quarter (26%) are a little more concerned
• Almost two thirds (63%) are more cautious about answering calls from unrecognised numbers
• 27% report being contacted at least six times a week, with 12% of those being contacted more than 10 times a week

Source: Commonwealth Bank