CBA tackles online scam prevention

Aims to assist customers in spotting false billing cons and mistaken payments
09 February 2023
Image by Vkastro from Pixabay

The Commonwealth Bank has released new capabilities under its scam prevention, detection and customer support strategy, which it believes will assist customers in spotting false billing cons and mistaken payments.

Set to be introduced in late March, the new NameCheck feature will be available across the CommBank app, NetBank and CommBiz and prompt customers if payment details do not match a known account number.

Group executive retail banking Angus Sullivan said given its scale, the bank has been able to “apply unique technology” and “advanced algorithms to our data on recipient account names”.

“When [people] 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,” Sullivan said.

The bank is also introducing an in-app caller verification function, CallerCheck, which enables CBA staff to send a notification to the customer's banking app to verify they are speaking to a genuine customer representative.

CBA said that customers were being hit up by scammers often multiple times a week, prompting the development of the new verification services.

- CyberBeat


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