Advertisement
Australia markets open in 7 hours 40 minutes
  • ALL ORDS

    7,974.80
    -27.70 (-0.35%)
     
  • AUD/USD

    0.6618
    -0.0020 (-0.30%)
     
  • ASX 200

    7,724.30
    -25.40 (-0.33%)
     
  • OIL

    78.49
    -0.13 (-0.17%)
     
  • GOLD

    2,348.40
    +30.40 (+1.31%)
     
  • Bitcoin AUD

    100,728.00
    +494.95 (+0.49%)
     
  • CMC Crypto 200

    1,384.13
    -33.74 (-2.38%)
     

Commonwealth Bank crackdown: Name and caller checks coming

The Commonwealth Bank has launched new enhancements to its scam prevention.

A Commonwealth Bank sign on the exterior of a building.
Commonwealth Bank is cracking down on scammers. (Source: Getty)

Commonwealth Bank of Australia (CBA) is cracking down on scammers with enhancements to its scam prevention, detection and customer support.

CBA will launch two new initiatives that will give customers better insight into who they are sending money to and whether a scammer has called them impersonating the bank.

CBA group executive retail banking Angus Sullivan said the new technology will help keep customers safe.

“Scammers are attempting to cause harm to our customers and the community every day and we are working hard to utilise our technology and customer insights to help keep their hard-earned money safe,” Sillivan said.

ADVERTISEMENT

CBA will introduce NameCheck technology to give customers an indication of whether the name and account details they entered look right before sending money to another account.

Launching in late March, the technology can help reduce false billing scams as well as mistaken payments. It will be available on the CommBank app, NetBank and CommBiz.

“As Australia’s biggest bank, we have been able to apply unique technology and advanced algorithms to our data on recipient account names which gives customers making first time payments a view of the likelihood that the name and account details match. It also prompts them on steps they can take to help ensure they are sending their money to the correct account,” 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 bank has also launched in-app caller verification technology through a feature that it’s named CallerCheck so customers can know if the bank is genuinely contacting them.

CallerCheck allows CBA staff to trigger a notification to the customer’s CommBank app verifying the call is from the bank and allowing the customer to log in and verify their identity in-app, removing the need to provide personal information over the phone.

“Across all industries, scammers are impersonating organisations asking for personal information,” Sullivan said.

“Prior to CallerCheck there was no easy way for a customer to verify if they were genuinely speaking to the bank. CallerCheck gives customers the confidence that our call is genuine and can be confirmed in real time in the safe and controlled environment of the CommBank app.”

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.