Bank takes action to shield Aussies from scam costing them millions
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In an age where digital transactions are as every day as a morning cuppa, the need for robust cybersecurity measures has never been more pressing.
One of Australia's leading financial institutions is taking this reality seriously as it introduces new features to safeguard its customers' digital wallets.
This move comes at a critical time, with scams costing Aussies a staggering $208 million.
The Commonwealth Bank's initiative is a response to the alarming rise in cybercrime, particularly phishing scams, which have become a prevalent threat to Australians' financial security.
For those who may not be familiar, phishing is a deceitful practice in which scammers send out fraudulent messages designed to lure individuals into providing sensitive personal information.
James Roberts, the Commonwealth Bank's general manager of group fraud, has highlighted the urgency of combating these scams.
'Criminals regularly ‘phish’ for personal information by texting customers a link that points to a dodgy website,' he said.
'This can lead to customers sharing personal banking information, such as card details, bank authorisation codes and digital banking credentials. These details may enable scammers to add card details to a digital wallet on the scammer’s mobile device.'
This can lead to scammers adding a victim's card details to a digital wallet on their device, enabling unauthorised transactions.
To counter this, the Commonwealth Bank empowers customers to view all digital wallets linked to their payment details through its app.
This feature is handy for identifying and removing any unrecognised devices, thus preventing potential fraudulent activities.
It's a simple yet effective tool that puts control back into the hands of the customer, allowing them to secure their digital wallets with just a few taps on their smartphone.
A report from the National Anti-Scam Centre (NASC) underscores the urgency of these measures.
It revealed that Australians lost $208 million to 198,000 scams in 2024 alone.
Phishing scams accounted for $12 million of that staggering figure.
Given these statistics, the Commonwealth Bank's new security features are both a convenience and a necessity.
The bank's commitment to cybersecurity extends beyond monitoring digital wallets.
They've also introduced interactive in-app security warnings to alert customers when they're about to pay a new recipient who could be a scammer.
The 'Stop, Check, and Reject' campaign encourages customers to be vigilant and to question the legitimacy of suspicious calls, emails, or texts.
The effectiveness of these warnings has been proven in pilot programs, where customers have been prompted to reconsider their transactions.
This often leads to the abandonment of payments that could have resulted in financial loss due to scams.
Looking ahead, the Commonwealth Bank is set to roll out another security feature: the QR Cardless system.
This innovative solution will replace existing cardless services, allowing consumers and businesses to deposit up to $10,000 via the CommBank app without needing a physical card at ATMs.
In the past financial year alone, the Commonwealth Bank has invested a hefty $800 million to protect its customers from cybercrime, fraud, and scams.
Have you or someone you know been affected by phishing scams? How do you feel about the new security measures introduced by the Commonwealth Bank? Share your experiences and tips for staying safe online in the comments below.
One of Australia's leading financial institutions is taking this reality seriously as it introduces new features to safeguard its customers' digital wallets.
This move comes at a critical time, with scams costing Aussies a staggering $208 million.
The Commonwealth Bank's initiative is a response to the alarming rise in cybercrime, particularly phishing scams, which have become a prevalent threat to Australians' financial security.
For those who may not be familiar, phishing is a deceitful practice in which scammers send out fraudulent messages designed to lure individuals into providing sensitive personal information.
Commonwealth Bank is introducing new security features to protect customers from phishing scams. Credit: Unsplash
James Roberts, the Commonwealth Bank's general manager of group fraud, has highlighted the urgency of combating these scams.
'Criminals regularly ‘phish’ for personal information by texting customers a link that points to a dodgy website,' he said.
'This can lead to customers sharing personal banking information, such as card details, bank authorisation codes and digital banking credentials. These details may enable scammers to add card details to a digital wallet on the scammer’s mobile device.'
This can lead to scammers adding a victim's card details to a digital wallet on their device, enabling unauthorised transactions.
To counter this, the Commonwealth Bank empowers customers to view all digital wallets linked to their payment details through its app.
This feature is handy for identifying and removing any unrecognised devices, thus preventing potential fraudulent activities.
It's a simple yet effective tool that puts control back into the hands of the customer, allowing them to secure their digital wallets with just a few taps on their smartphone.
A report from the National Anti-Scam Centre (NASC) underscores the urgency of these measures.
It revealed that Australians lost $208 million to 198,000 scams in 2024 alone.
Phishing scams accounted for $12 million of that staggering figure.
Given these statistics, the Commonwealth Bank's new security features are both a convenience and a necessity.
The bank's commitment to cybersecurity extends beyond monitoring digital wallets.
They've also introduced interactive in-app security warnings to alert customers when they're about to pay a new recipient who could be a scammer.
The 'Stop, Check, and Reject' campaign encourages customers to be vigilant and to question the legitimacy of suspicious calls, emails, or texts.
The effectiveness of these warnings has been proven in pilot programs, where customers have been prompted to reconsider their transactions.
This often leads to the abandonment of payments that could have resulted in financial loss due to scams.
Looking ahead, the Commonwealth Bank is set to roll out another security feature: the QR Cardless system.
This innovative solution will replace existing cardless services, allowing consumers and businesses to deposit up to $10,000 via the CommBank app without needing a physical card at ATMs.
In the past financial year alone, the Commonwealth Bank has invested a hefty $800 million to protect its customers from cybercrime, fraud, and scams.
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