Commonwealth Bank to release new scam prevention measures

By on
Commonwealth Bank to release new scam prevention measures

Applies to caller verifications and money transfers.

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.

The verification method will also remove the need for customers to reveal personal information over the phone, as well as provide customers with next steps to help confirm that money is being sent to the proper account.

These services build on the bank’s other data and scam protection strategies including its introduction of behavioural biometrics features launched last year.

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

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:

Most Read Articles

Log In

  |  Forgot your password?