News and resources on cyber and physical threats to banks and fintechs worldwide.
CBA boosts AI tech for scam protection

CBA boosts AI tech for scam protection

The Commonwealth Bank of Australia (CBA) is boosting AI technology across its digital banking platforms in efforts to stamp out “disturbing” scams targeting their customers.

Programmed to detect when accounts are displaying unusual behaviour based on customers’ past habits, the technology will be structured around a “protect, detect, and resolve” framework. In addition to its new AI detection system, the bank will also implement two-way push notifications, replacing one-way SMS messages.

Kate Crous, CBA executive general manager of Everyday Banking stated: “Cybercrime is skyrocketing and 92% of Australians have already been exposed to scams. In 2021 we prevented or recovered more than $100 million in scams targeted at our customers.”

CBA has doubled their scam prevention team in light of an increasing number of Australians falling prey to cyber-scams and fraud. Studies from the Australian Competition and Consumer Commission (ACCC) indicate that in 2021, Australians lost more than $2 billion in scams, as reported to Scamwatch, ReportCyber, and 12 financial institutions and government agencies.

The bank is also releasing informative videos and online assets to educate customers about protecting themselves from scams.
“As scammers become more sophisticated, devious and harder to identify than ever, we want to help our customers feel safe when banking on their devices, knowing we’re doing whatever we can to protect, detect and resolve issues they encounter,” added Crous.

Comments: (0)