Commonwealth Bank of Australia Uses Scam-Safe Accord to Enhance Fraud Prevention

The Commonwealth Bank of Australia recently announced that it will use new anti-fraud initiatives outlined in the Scam-Safe Accord to protect customers from fraud. The Accord was developed by the Australian Banking Association (ABA) and the Customer-Owned Banking Association.

James Roberts, General Manager of Group Fraud at Commonwealth Bank, said, "Protecting our customers from scams is a top priority and we stand in full support of these measures."

Roberts said that fraud poses a huge threat to users and the financial community, and that the ABA's measures reflect a determination to combat these challenges through co-operation and the imposition of robust strategies. He also believed that combating fraud requires a "whole-of-ecosystem approach" that requires law enforcement, government, businesses across all sectors and consumers.

The Commonwealth Bank of Australia's existing anti-fraud measures include the Scam Indicator, a technology conceived and developed in partnership with Quantium Telstra, to stop phone scams.

In response to the increasing sophistication of cryptocurrency scams, the CBA has introduced holds, rejections and restrictions on payments to cryptocurrency exchanges.

The application's built-in 'CallerCheck' technology allows customers to identify whether a caller is from the genuine CBA.

In addition, industry-leading "NameCheck" technology has reportedly stopped tens of millions of dollars worth of fraudulent payments. On 27 November, the CBA announced that Bendigo Bank and fraud-monitoring company Satori would pilot the technology to help protect Australians from fraud.