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The Commonwealth Bank (CBA) has recently announced a significant collaboration with Bendigo Bank and Satori, a fraud monitoring firm, to pilot its innovative NameCheck technology.
This move marks a concerted effort to safeguard Australians from the increasing threats of scams and mistaken payments.
Since its introduction in March, NameCheck has utilised CBA’s advanced technological capabilities and extensive payment data to cross-verify account details.
This innovation has successfully intercepted more than 10,000 scam payments, preventing potential losses of over $38 million and reducing mistaken payments by upwards of $100 million.
CBA’s Group Executive Business Banking, Mike Vacy-Lyle, commented on the partnership, stating,
“We are delighted to collaborate with Bendigo Bank and Satori, both of whom play an incredibly important role in the payments ecosystem.”
He emphasised the need for a “whole-of-ecosystem” national approach to effectively combat scam activities.
The integration of NameCheck into Bendigo Bank’s Up app and Satori’s monitoring systems is a strategic move to fortify defences against cyber fraud. Bendigo Bank’s Chief Transformation Officer, Ryan Brosnahan, acknowledged the potential impact of this technology, saying,
“Cyber fraud is a complex, evolving, and ongoing challenge...we are proud to work with our peers on solutions that provide our customers with additional confidence when making direct payments online.”
Mark Bookatz, Satori’s Executive Director: Growth, highlighted the significance of this integration for corporate clients, remarking,
“We are excited to work with CBA and extend the NameCheck service to our corporate customer base to complement the existing AI-driven financial controls monitoring service driving operational efficiency and preventing fraud.”
The Commonwealth Bank's proactive measures, including the rollout of NameCheck to its business customers, are especially crucial during the holiday season, which typically witnesses a surge in email scams.
Cybercriminals exploit this period by dispatching emails laced with malware, often disguised as enticing offers or delivery notifications from renowned retailers.
Moreover, phishing emails, which have become increasingly sophisticated and personalised, pose a significant threat as they seek to pilfer personal information.
These efforts by the Commonwealth Bank, complemented by introducing similar technology to Bendigo Bank and collaborations with other organisations, form a robust defence against the risks of email scams and phishing.
This multi-faceted approach is vital in safeguarding consumers, particularly during the holiday seasons, when such fraudulent activities tend to escalate.
By equipping businesses with tools to counter scam threats, a significant proportion of potential vulnerabilities can be mitigated, thereby enhancing protection for both businesses and consumers against the pervasive issue of cyber scams.
This initiative is in line with CBA’s strategy to progressively roll out NameCheck to its business customers, thus covering a vast majority of payments processed through CommBiz.
However, CBA’s commissioned research indicates that 20% of Australian businesses are still unprepared for scam threats, potentially affecting up to 500,000 businesses.
Vacy-Lyle urges businesses to adopt a proactive stance against scams, advising,
“To protect your business from scams, remember three simple steps: Stop. Check. Reject.”
He further highlights the importance of collective vigilance in the business community to counteract the sophisticated tactics employed by scammers.
In line with the regulatory mandates from APRA and ACMA, Commonwealth Bank (CBA) has strategically collaborated with Telstra to introduce the Scam Indicator, targeting phone-based scams. This initiative is a key response to the heightened focus on cyber resilience in the banking and telecommunication sectors, adhering to the rigorous standards set forth by these regulatory authorities.
Additionally, in a move that further strengthens this approach, CBA has integrated its advanced NameCheck technology into Bendigo Bank’s Up app. This integration represents a significant advancement in digital banking security, directly addressing the vulnerabilities identified in APRA’s recent tripartite assessment and aligning with the enforcement priorities of ACMA.
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