{"id":134690,"date":"2023-10-26T05:38:55","date_gmt":"2023-10-26T05:38:55","guid":{"rendered":"https:\/\/fin2me.com\/?p=134690"},"modified":"2023-10-26T05:38:55","modified_gmt":"2023-10-26T05:38:55","slug":"commonwealth-bank-ramps-up-anti-scam-technology-for-customers","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/commonwealth-bank-ramps-up-anti-scam-technology-for-customers\/","title":{"rendered":"Commonwealth Bank ramps up anti-scam technology for customers"},"content":{"rendered":"

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Banks, telcos and tech companies should collaborate more closely on combatting fraud, the assistant treasurer has said, as the Commonwealth Bank announced an expansion of its anti-scam technology to tackle what\u2019s become a $3 billion nationwide problem.<\/p>\n

CBA on Thursday detailed two types of technology it is deploying to combat scammers: Scam Indicator, which it built with Telstra and uses algorithms to identify potential scam phone calls, and NameCheck, which verifies account details for customers before they pay someone.<\/p>\n

<\/p>\n

Commonwealth Bank chief executive Mat Comyn.<\/span>Credit: <\/span>Sydney Morning Herald<\/cite><\/p>\n

The technology is now live for customers following pilot programs, and CBA chief executive Matt Comyn said they formed part of a \u201cwhole-of-ecosystem\u201d national approach to combat increasingly complex fraud and scams.<\/p>\n

NameCheck was introduced this year and Comyn said it had already helped prevent more than 10,000 scam payments that would have totalled more than $38 million. The bank is now offering the technology to other organisations that process payments.<\/p>\n

Assistant Treasurer Stephen Jones, who visited CBA\u2019s Sydney offices on Thursday, said consumer fraud and scams cost Australians some $3 billion a year \u2013 a figure that grows annually by 80 per cent.<\/p>\n

<\/p>\n

Assistant Treasurer and Minister for Financial Services Stephen Jones.<\/span>Credit: <\/span>Nine<\/cite><\/p>\n

\u201cEvery one of those dollars has attached to it a human tragedy. It\u2019s one dollar that they couldn\u2019t afford to lose,\u201d he said.<\/p>\n

\u201cWe are going to bring that down. We take an ecosystem approach, which is one that understands that scams are coming to people through telecommunications networks, through social media platforms, and they\u2019re preying on people and tricking them into handing over their information and their money. Once that money has been handed over, it\u2019s almost impossible to get back.<\/p>\n

\u201cSo the most effective response to this is looking at as an ecosystem, and getting everyone in the ecosystem working together.\u201d<\/p>\n

Comyn said that while losses from cryptocurrency scams were down by about 70 per cent following recent changes to how the bank handled crypto payments, scams perpetuated using artificial intelligence technology posed a growing threat.<\/p>\n

AI experts have warned that even a few seconds of social media content are all that a scammer needs to recreate a person\u2019s voice.<\/p>\n

\u201cImpersonation scams are continuing to grow with rapid sophistication, and we\u2019ve clearly got an environment where the threats and risks will continue to grow over time,\u201d Comyn said. \u201cHence why it\u2019s so important to work collaboratively across multiple industries.<\/p>\n

\u201cI do think ultimately that participating through something like the anti-scam centre to be able to have trusted people within industries working together to take down and limit scams, and recover customer losses where possible, will hopefully over time make this jurisdiction less attractive to scammers.\u201d<\/p>\n

Comyn would not be drawn on news from Thursday that Australian Federal Police arrested seven people and seized $50 million worth of luxury cars and property, in what has been dubbed the most complex AFP-led money-laundering investigation in the nation\u2019s history.<\/p>\n

The Changjiang Currency Exchange is accused of laundering almost $229 million in the proceeds of crime in the past three years.<\/p>\n

\u201cI mean, I\u2019ve been aware of it for some time,\u201d Comyn said. \u201cWe\u2019ve been working with law enforcement for an extended period of time and co-operating, and so I was aware of the announcement that was coming today, but I haven\u2019t got any further reflections or information to provide beyond what\u2019s already been publicly disclosed.\u201d<\/p>\n

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. <\/i><\/b>Sign up to get it every weekday morning<\/i><\/b>.<\/i><\/b><\/p>\n

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