News and resources on cyber and physical threats to banks and fintechs worldwide.

Commonwealth Bank adds anti-scam features to app

Source: Commonwealth Bank

Commonwealth Bank today 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. 

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