Scam callers constantly evolve tactics, but now, major banks and telcos are fighting back with similar cutting-edge technology.

Commonwealth Bank Australia (CBA) and Telstra have officially switched on a new 'scam indicator' feature that uses data and algorithms to spot potential scams in real time.

The scale of the scam problem in Australia is massive. According to Scamwatch, Australians lost over $569 million to scams last year alone.

But how exactly does this new scam indicator feature work?

Using data from CBA and Telstra's networks, the system monitors for correlations between customers on a phone call while attempting Internet banking transfers—suggesting they may be in the process of being scammed.

CBA and Telstra launched their new ‘scam indicator’ feature. Credit: Lindsey LaMont/Unsplash

The feature was developed in collaboration with Quantium Telstra with the aim of protecting customers of both CBA and Telstra.

The introduction of the 'scam indicator' is an addition to the various anti-scam measures already implemented by CBA.

The company’s ‘NameCheck’ feature—available across CommBank app, NetBank and CommBiz—alerts customers if payment details don't match accounts.

Their data showed that this feature stopped over 10,000 scam payments since its launch in March, which would have cost customers $38 million.

More than that, CBA claimed that NameCheck reduced mistaken payments by over $100 million.

Alongside NameCheck, CBA also offers CallerCheck, allowing CBA staff to send a notification to the customer's banking app to verify they are speaking to a genuine representative.

CBA CEO Matt Comyn provided an update on the bank's scam prevention programs during a visit by Assistant Treasurer and Minister for Financial Services Stephen Jones to CBA's offices in South Eveleigh, Sydney.

Comyn stated that there is a lot of work to be done and emphasised the importance of partnerships within the ecosystem.

He said, ‘Bringing the strength of different players together provides us with a better chance of stopping the scammers.’

‘We remain committed to playing our part to address this national priority alongside leading businesses, government, and the broader community,’ he added. ‘Working collaboratively with all sectors is essential and means that we are all able to do better for the Australian community.’

CBA also has a joint venture with Quantium called CommBank iQ to generate customer insights and improve experiences.

If successful, this new scam indicator could save Australians millions from falling victim each year. By harnessing big data tools, banks and telcos are fighting back against the scourge of scams smarter than ever before.

Key Takeaways

• The Commonwealth Bank of Australia has officially launched its 'scam indicator', which was developed in partnership with Quantium Telstra.
  
• The system uses algorithms to spot potential scam phone calls in real time by matching data to identify when a customer is simultaneously on the phone and trying to transfer funds.
  
• Other anti-scam initiatives by CBA include the NameCheck feature, which alerts users when payment details do not match a known account number, and CallerCheck, which verifies the legitimate representatives.
  
• Since its introduction earlier this year, CBA's NameCheck technology has stopped over 10,000 scams totalling more than $38 million, it has also reduced mistaken payments by over $100 million since its release in March.
  

What do you think of this new feature, members? Share your thoughts in the comments below!

 

[maggiej]

I do not like interference by apps on my computer that I have not installed. Recently Microsft did an update and informed me that AD blocker was improved they now willstop what THEY think is a bad advertising email. such as from any advertiser. I get some emails from certain companies that offer me different items and I still want to receive them so I think this New idea from Telstra and the bank could be going too far. Surely we all know not to act on these scam calls and emails by now

 

[Frigate]

Scam callers constantly evolve tactics, but now, major banks and telcos are fighting back with similar cutting-edge technology.

Commonwealth Bank Australia (CBA) and Telstra have officially switched on a new 'scam indicator' feature that uses data and algorithms to spot potential scams in real time.

The scale of the scam problem in Australia is massive. According to Scamwatch, Australians lost over $569 million to scams last year alone.

But how exactly does this new scam indicator feature work?

Using data from CBA and Telstra's networks, the system monitors for correlations between customers on a phone call while attempting Internet banking transfers—suggesting they may be in the process of being scammed.

View attachment 33438

CBA and Telstra launched their new ‘scam indicator’ feature. Credit: Lindsey LaMont/Unsplash

The feature was developed in collaboration with Quantium Telstra with the aim of protecting customers of both CBA and Telstra.

The introduction of the 'scam indicator' is an addition to the various anti-scam measures already implemented by CBA.

The company’s ‘NameCheck’ feature—available across CommBank app, NetBank and CommBiz—alerts customers if payment details don't match accounts.

Their data showed that this feature stopped over 10,000 scam payments since its launch in March, which would have cost customers $38 million.

More than that, CBA claimed that NameCheck reduced mistaken payments by over $100 million.

Alongside NameCheck, CBA also offers CallerCheck, allowing CBA staff to send a notification to the customer's banking app to verify they are speaking to a genuine representative.

CBA CEO Matt Comyn provided an update on the bank's scam prevention programs during a visit by Assistant Treasurer and Minister for Financial Services Stephen Jones to CBA's offices in South Eveleigh, Sydney.

Comyn stated that there is a lot of work to be done and emphasised the importance of partnerships within the ecosystem.

He said, ‘Bringing the strength of different players together provides us with a better chance of stopping the scammers.’

‘We remain committed to playing our part to address this national priority alongside leading businesses, government, and the broader community,’ he added. ‘Working collaboratively with all sectors is essential and means that we are all able to do better for the Australian community.’

CBA also has a joint venture with Quantium called CommBank iQ to generate customer insights and improve experiences.

If successful, this new scam indicator could save Australians millions from falling victim each year. By harnessing big data tools, banks and telcos are fighting back against the scourge of scams smarter than ever before.

Key Takeaways

• The Commonwealth Bank of Australia has officially launched its 'scam indicator', which was developed in partnership with Quantium Telstra.
• The system uses algorithms to spot potential scam phone calls in real time by matching data to identify when a customer is simultaneously on the phone and trying to transfer funds.
• Other anti-scam initiatives by CBA include the NameCheck feature, which alerts users when payment details do not match a known account number, and CallerCheck, which verifies the legitimate representatives.
• Since its introduction earlier this year, CBA's NameCheck technology has stopped over 10,000 scams totalling more than $38 million, it has also reduced mistaken payments by over $100 million since its release in March.

What do you think of this new feature, members? Share your thoughts in the comments below!

They are barking on wrong tree - it would not stop payments made 1 minute after completion of phone calls. Why it is impossible for our telco to stop selling local numbers to overseas scammers?

 

[gordon1940]

They are barking on wrong tree - it would not stop payments made 1 minute after completion of phone calls. Why it is impossible for our telco to stop selling local numbers to overseas scammers?

More to the point, why does it appear impossible for users NOT to place themselves at risk.