Advertisement
Australia markets open in 2 hours 54 minutes
  • ALL ORDS

    7,935.70
    -99.20 (-1.23%)
     
  • AUD/USD

    0.6613
    -0.0045 (-0.68%)
     
  • ASX 200

    7,665.60
    -101.10 (-1.30%)
     
  • OIL

    79.31
    -0.52 (-0.65%)
     
  • GOLD

    2,338.30
    -18.20 (-0.77%)
     
  • Bitcoin AUD

    101,985.02
    -1,190.28 (-1.15%)
     
  • CMC Crypto 200

    1,448.88
    -35.81 (-2.41%)
     

$96 million lost: How the big banks are cracking down on scammers

Aussies have already lost more than $96 million to scams this year.

NAB branch and person walking outside.
NAB has launched a new tool to help stop customers from getting scammed. (Source: Getty)

NAB has introduced a new feature for more than 3 million of its customers, in a bid to crack down on scammers.

The major bank has today introduced payment prompts, giving customers real-time, personalised messages based on the type of transaction they are making in the NAB app and internet banking.

This will force customers to think twice about “out of character” transactions and is designed to help them identify potential scams before they happen and ensure their money is going to the right recipient.

ADVERTISEMENT

NAB group investigations and fraud executive Chris Sheehan said the bank was investing millions of dollars each year to help crack down on scams.

“Scams often happen when people are rushing, tired or distracted. The prompts feature a checklist based on uncharacteristic activity designed to get the customer to pause and review the payment,” Sheehan said.

“While we’re focused on making banking simple and digital for them, we need to stop the crime before it happens.”

NAB scam examples
Here's an example of NAB's payment prompt. (Source: NAB)

Customers may receive a payment prompt if a payment appears out of the ordinary for them or trigger another of NAB’s alerts. For instance, if they make a crypto investment for the first time.

NAB isn’t the only major bank to announce a crack down on scammers in recent days. This week, Commonwealth Bank launched a new pilot with Telstra to fend off phone scams, where criminals try to trick people into transferring large sums of money.

The Scam Indicator, which is expected to roll out officially later this year, is designed to detect high-risk scam situations in real-time. CBA will be able to check if a customer is on a phone call when attempting a suspicious transaction and can then contact them, or put additional checks in place.

Aussies lost $96 million to fraudsters in January and February of this year, Scamwatch data found. This includes bank-impersonation scams, where fraudsters call or text people pretending to be their bank.

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