Bankwest introduces new tool to prevent banking scams
- Replies 3
In an age where digital transactions are becoming more prevalent, the threat of financial scams is a pressing concern for Australians.
Scammers have been increasingly sophisticated as of late, and it's more important than ever to stay vigilant when managing our finances online.
Fortunately, Australian banks are stepping up their game to protect customers, with Bankwest leading the charge by introducing a new security feature.
Bankwest's NameCheck is a cutting-edge tool developed by its parent company, Commonwealth Bank.
NameCheck was designed to safeguard customers from potential scams and errors when making first-time payments.
This innovative feature cross-references account details entered by a customer with Bankwest's comprehensive payment information database.
For first-time transactions to a new payee, NameCheck will verify if the account name matches the BSB and account number provided.
If it detects a discrepancy—like account names not matching the mentioned details—users will receive a prompt to double-check the information.
This alerts users of a simple mistake—or a possible scam—before hard-earned money goes astray.
Bankwest, along with CBA and Bendigo and Adelaide Bank, are the only banks offering this level of protection, with the latter banks pioneering the technology.
NameCheck is available on the Bankwest app on iOS and Android, reflecting the bank's commitment to digital transformation and customer security.
Philippa Costanzo, Bankwest's Head of Payments, Fraud, and Scams emphasised the importance of such technology.
'Scams are increasing, and they're getting more sophisticated,' she explained.
'What might start as a simple phishing scam for information can then turn into an impersonation scam, and then potentially an account takeover scam.'
The urgency of addressing this issue was also echoed by Chris Sheehan, National Australia Bank's Executive for Group Investigations, who described scams as an epidemic.
'We're getting 60,000-70,000 calls a month into our customer calls centre about fraud and scams,' he shared. 'The losses are crazy.'
The Federal Government's National Anti-Scam Centre also joined forces with the Australian Financial Crimes Exchange intelligence loop to combat the growing threat of scams.
This collaboration aimed to enhance intelligence sharing across banks, telecommunications companies, and digital platforms to combat cybercrimes.
'This will be a vital weapon in the war against scams. Its expansion will make it easier to shut down scammers and stop them from harming more Australians,' Anna Bligh, Chief Executive of the Australian Banking Association, stressed.
'Banks play a critical role in the operation of this intelligence tool whether it be acting on information it receives from another participant or passing on critical intelligence that can be used to dismantle a scam.'
In addition to NameCheck, banks started investing heavily in customer protection, implementing sophisticated measures like behavioural biometrics.
This technology could employ artificial intelligence and machine learning to detect anomalies in customer behaviour that could indicate fraudulent activity.
As we continue to navigate the digital world, tools like NameCheck are invaluable in protecting our finances.
It's a reminder that while technology could be a double-edged sword, it can also provide powerful weapons to fight back against fraudsters.
Have you encountered any scams, and how did your bank assist you? We encourage you to share your banking experiences in the comments below.
Scammers have been increasingly sophisticated as of late, and it's more important than ever to stay vigilant when managing our finances online.
Fortunately, Australian banks are stepping up their game to protect customers, with Bankwest leading the charge by introducing a new security feature.
Bankwest's NameCheck is a cutting-edge tool developed by its parent company, Commonwealth Bank.
NameCheck was designed to safeguard customers from potential scams and errors when making first-time payments.
This innovative feature cross-references account details entered by a customer with Bankwest's comprehensive payment information database.
Bankwest's NameCheck is now available on their online banking services and on apps. Image Credit: Shutterstock/Nils Versemann
For first-time transactions to a new payee, NameCheck will verify if the account name matches the BSB and account number provided.
If it detects a discrepancy—like account names not matching the mentioned details—users will receive a prompt to double-check the information.
This alerts users of a simple mistake—or a possible scam—before hard-earned money goes astray.
Bankwest, along with CBA and Bendigo and Adelaide Bank, are the only banks offering this level of protection, with the latter banks pioneering the technology.
NameCheck is available on the Bankwest app on iOS and Android, reflecting the bank's commitment to digital transformation and customer security.
Philippa Costanzo, Bankwest's Head of Payments, Fraud, and Scams emphasised the importance of such technology.
'Scams are increasing, and they're getting more sophisticated,' she explained.
'What might start as a simple phishing scam for information can then turn into an impersonation scam, and then potentially an account takeover scam.'
The urgency of addressing this issue was also echoed by Chris Sheehan, National Australia Bank's Executive for Group Investigations, who described scams as an epidemic.
'We're getting 60,000-70,000 calls a month into our customer calls centre about fraud and scams,' he shared. 'The losses are crazy.'
The Federal Government's National Anti-Scam Centre also joined forces with the Australian Financial Crimes Exchange intelligence loop to combat the growing threat of scams.
This collaboration aimed to enhance intelligence sharing across banks, telecommunications companies, and digital platforms to combat cybercrimes.
'This will be a vital weapon in the war against scams. Its expansion will make it easier to shut down scammers and stop them from harming more Australians,' Anna Bligh, Chief Executive of the Australian Banking Association, stressed.
'Banks play a critical role in the operation of this intelligence tool whether it be acting on information it receives from another participant or passing on critical intelligence that can be used to dismantle a scam.'
In addition to NameCheck, banks started investing heavily in customer protection, implementing sophisticated measures like behavioural biometrics.
This technology could employ artificial intelligence and machine learning to detect anomalies in customer behaviour that could indicate fraudulent activity.
As we continue to navigate the digital world, tools like NameCheck are invaluable in protecting our finances.
It's a reminder that while technology could be a double-edged sword, it can also provide powerful weapons to fight back against fraudsters.
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