Commonwealth Bank unveils revolutionary new service - protect yourself from phone and email scams!
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For years now, Australians have received an endless flood of malicious scams, malware attacks, and more.
Our reputation as a first-world country makes us a prime target for criminals who take advantage of the near-instantaneous nature of our New Payments Platform (NPP) instant electronic payments network.
For a few of our members who are not aware of what the NPP is, it's basically the platform that allows users to deny banks obtaining information about their BSB and account while transferring or receiving funds.
In recent years, several types of scams have been popping up more and more frequently, victimising unsuspecting Aussies.
According to the ACCC ScamWatch service, false billing scams cost Australians more than $25 million last year alone – another reason it’s so crucial that people take the necessary steps to protect themselves.
The most financially damaging type of scam affecting Australian businesses is payment redirection, which cost business owners an estimated $227 million in 2021 – a 77 per cent increase over the previous year. Not only that, but everyday Australians also fell victim.
It’s a stark reminder that when it comes to fraudsters there’s no room for complacency and a vigilant, mindful attitude is needed to ensure your hard-earned money stays safe.
The Commonwealth Bank of Australia (CBA) is hoping to put an end to these scams by launching a new service that allows customers to double-check the identity of new payees to protect themselves from false billing, frauds and scams.
The new service, known as 'NameCheck,' uses advanced algorithms and technology to ensure that the account details you enter match the name on the other person's account.
That way, you can be sure that your bank will be transferring the money to the right person and not to a fraudster.
This way of double-checking accounts is designed to help reduce money lost due to false billing and other scams, which has been a major issue for Australian businesses in recent years.
Director of Retail Banking, Angus Sullivan, said: 'When they 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.'
The NameCheck service, the latest in a suite of services designed to protect its customers from business email compromise (BEC) scams, is set to debut in late March, giving customers the chance to check if their banking transfers are safe and secure.
Aside from NameCheck, CBA also introduced CallerCheck, which helps stop phone scammers in their tracks.
These bogus callers often pose as representatives of a financial institution and ask victims to transfer money or share their personal information.
With the CBA’s CallerCheck system, a legitimate bank employee can confirm their identity by triggering the CommBank app while speaking with the customer.
It should be noted that other banks launched similar services before, including Westpac which partnered with telcos such as Optus to add over 94,000 contact numbers to ‘Do Not Originate’ lists, preventing fraudsters from stealing their employees' identities and tricking unsuspecting customers.
'Scammers are attempting to cause harm to our customers and the community every day,' Mr Sullivan said.
'And we are working hard to utilise our technology and customer insights to help keep their hard-earned money safe.'
ACCC Chair Gina Cass-Gottlieb has called on financial services, government, consumer groups and the telco sector to come together to fight fraudsters, adding that the 'fight against scams is never-ending and ever-evolving’.
'We want to see banks… placing consumers’ welfare at the forefront of their policies,' she said.
'Take this as a call to action to make Australia the world’s hardest scam target.'
So, members, make sure you take extra precautions when dealing with payments online. We highly recommend seeing if the bank you use offers any of these solutions to ensure your money is safe and secure!
Stay safe out there! Also, feel free to share this article with your friends and loved ones so they can be informed about these new developments as well.
Our reputation as a first-world country makes us a prime target for criminals who take advantage of the near-instantaneous nature of our New Payments Platform (NPP) instant electronic payments network.
For a few of our members who are not aware of what the NPP is, it's basically the platform that allows users to deny banks obtaining information about their BSB and account while transferring or receiving funds.
In recent years, several types of scams have been popping up more and more frequently, victimising unsuspecting Aussies.
According to the ACCC ScamWatch service, false billing scams cost Australians more than $25 million last year alone – another reason it’s so crucial that people take the necessary steps to protect themselves.
The most financially damaging type of scam affecting Australian businesses is payment redirection, which cost business owners an estimated $227 million in 2021 – a 77 per cent increase over the previous year. Not only that, but everyday Australians also fell victim.
It’s a stark reminder that when it comes to fraudsters there’s no room for complacency and a vigilant, mindful attitude is needed to ensure your hard-earned money stays safe.
The Commonwealth Bank of Australia (CBA) is hoping to put an end to these scams by launching a new service that allows customers to double-check the identity of new payees to protect themselves from false billing, frauds and scams.
The Commonwealth Bank introduced services that could help customers secure their funds. Credit: Shutterstock.
The new service, known as 'NameCheck,' uses advanced algorithms and technology to ensure that the account details you enter match the name on the other person's account.
That way, you can be sure that your bank will be transferring the money to the right person and not to a fraudster.
This way of double-checking accounts is designed to help reduce money lost due to false billing and other scams, which has been a major issue for Australian businesses in recent years.
Director of Retail Banking, Angus Sullivan, said: 'When they 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.'
The NameCheck service, the latest in a suite of services designed to protect its customers from business email compromise (BEC) scams, is set to debut in late March, giving customers the chance to check if their banking transfers are safe and secure.
Aside from NameCheck, CBA also introduced CallerCheck, which helps stop phone scammers in their tracks.
These bogus callers often pose as representatives of a financial institution and ask victims to transfer money or share their personal information.
With the CBA’s CallerCheck system, a legitimate bank employee can confirm their identity by triggering the CommBank app while speaking with the customer.
It should be noted that other banks launched similar services before, including Westpac which partnered with telcos such as Optus to add over 94,000 contact numbers to ‘Do Not Originate’ lists, preventing fraudsters from stealing their employees' identities and tricking unsuspecting customers.
'Scammers are attempting to cause harm to our customers and the community every day,' Mr Sullivan said.
'And we are working hard to utilise our technology and customer insights to help keep their hard-earned money safe.'
ACCC Chair Gina Cass-Gottlieb has called on financial services, government, consumer groups and the telco sector to come together to fight fraudsters, adding that the 'fight against scams is never-ending and ever-evolving’.
'We want to see banks… placing consumers’ welfare at the forefront of their policies,' she said.
'Take this as a call to action to make Australia the world’s hardest scam target.'
So, members, make sure you take extra precautions when dealing with payments online. We highly recommend seeing if the bank you use offers any of these solutions to ensure your money is safe and secure!
Stay safe out there! Also, feel free to share this article with your friends and loved ones so they can be informed about these new developments as well.
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