CommBank and Vodafone joins forces to protect you from SMS scams!
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In an era where technology is advancing at an unprecedented pace, so are the methods scammers employ to defraud unsuspecting individuals.
One such method that has seen a significant rise is the SMS scam, a form of 'phishing' where fraudsters trick recipients into clicking on an embedded link and sharing their personal and banking details.
In response to the growing threat of SMS scams, a major bank and telecommunications giant teamed up to protect customers.
The Commonwealth Bank of Australia (CBA) and Vodafone have launched a pioneering 'intelligence sharing' initiative.
This pilot program aims to protect customers from the increasing prevalence of text message scams, a menace that has cost Australians over $24.5 million so far this year, with those over 65 being the most affected.
James Roberts, General Manager of Group Fraud at CBA, explained that this collaboration would enable the bank to 'proactively investigate and analyse the latest SMS scams in near real-time to ultimately disrupt, detect and proactively block fraudulent payments'.
He highlighted that text and email scams are currently the 'number one scam trend impacting our customers'.
‘This phenomenon, otherwise known as “phishing”, involves fraudsters tricking unsuspecting customers to click on an embedded link and share their online banking and card details, as well as personal information.’
Simone Sant, General Counsel and General Manager Corporate Security at Vodafone, revealed that Vodafone has already blocked more than 67.8 million text scams this year, with 17.6 million blocked in September and October alone. This represents a staggering 45 per cent increase compared to the previous year.
The latest scam statistics published by Australia’s National Anti-Scam Centre corroborate these figures, showing that text messages are the most common contact method used by scammers.
Roberts warned that the public needs to be particularly vigilant during the festive season, which typically sees an increase in scam activity.
‘We tend to see an uptick in attempted and successful scams at certain times of the year, such as the festive season,’ he said.
‘With this heightened risk, we recommend people remain alert for potential scams, including those delivered via SMS with messages imitating major courier or postal companies.’
The collaboration between CBA and Vodafone is part of a broader, cross-industry approach to combat scammers who are 'becoming increasingly sophisticated'.
This initiative follows the recent launch of the Scam-Safe Accord by Australian banks, aiming to put ‘scammers out of business in Australia’.
The accord includes a $100 million investment in a new confirmation of payee system. This system is designed to reduce scams by ensuring people can confirm they are transferring money to the intended recipient.
Earlier this year, CBA also commenced a similar pilot with Telstra, known as the Scam Indicator, to detect high-risk scam situations in real time.
Remember, legitimate businesses will never ask for sensitive information through text messages. If you suspect you've received a scam text, report it to your mobile carrier and the Australian Competition and Consumer Commission's Scamwatch service.
You may also call 000 in case of emergency cases.
Have you ever received a suspicious text message? Share your experiences in the comments below.
One such method that has seen a significant rise is the SMS scam, a form of 'phishing' where fraudsters trick recipients into clicking on an embedded link and sharing their personal and banking details.
In response to the growing threat of SMS scams, a major bank and telecommunications giant teamed up to protect customers.
The Commonwealth Bank of Australia (CBA) and Vodafone have launched a pioneering 'intelligence sharing' initiative.
This pilot program aims to protect customers from the increasing prevalence of text message scams, a menace that has cost Australians over $24.5 million so far this year, with those over 65 being the most affected.
A new initiative was launched by the CBA and Vodafone to protect customers from text scams. Credit: Unsplash
James Roberts, General Manager of Group Fraud at CBA, explained that this collaboration would enable the bank to 'proactively investigate and analyse the latest SMS scams in near real-time to ultimately disrupt, detect and proactively block fraudulent payments'.
He highlighted that text and email scams are currently the 'number one scam trend impacting our customers'.
‘This phenomenon, otherwise known as “phishing”, involves fraudsters tricking unsuspecting customers to click on an embedded link and share their online banking and card details, as well as personal information.’
Simone Sant, General Counsel and General Manager Corporate Security at Vodafone, revealed that Vodafone has already blocked more than 67.8 million text scams this year, with 17.6 million blocked in September and October alone. This represents a staggering 45 per cent increase compared to the previous year.
The latest scam statistics published by Australia’s National Anti-Scam Centre corroborate these figures, showing that text messages are the most common contact method used by scammers.
Roberts warned that the public needs to be particularly vigilant during the festive season, which typically sees an increase in scam activity.
‘We tend to see an uptick in attempted and successful scams at certain times of the year, such as the festive season,’ he said.
‘With this heightened risk, we recommend people remain alert for potential scams, including those delivered via SMS with messages imitating major courier or postal companies.’
SMS scams are the most common method used by scammers. Credit: Pexels
The collaboration between CBA and Vodafone is part of a broader, cross-industry approach to combat scammers who are 'becoming increasingly sophisticated'.
This initiative follows the recent launch of the Scam-Safe Accord by Australian banks, aiming to put ‘scammers out of business in Australia’.
The accord includes a $100 million investment in a new confirmation of payee system. This system is designed to reduce scams by ensuring people can confirm they are transferring money to the intended recipient.
Earlier this year, CBA also commenced a similar pilot with Telstra, known as the Scam Indicator, to detect high-risk scam situations in real time.
Remember, legitimate businesses will never ask for sensitive information through text messages. If you suspect you've received a scam text, report it to your mobile carrier and the Australian Competition and Consumer Commission's Scamwatch service.
You may also call 000 in case of emergency cases.
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