CBA extends anti-scam tech
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The news: Commonwealth Bank has launched Scam Indicator, an anti-scam technology it developed with Telstra, and will also expand its Namecheck solution to organisations that process payments. Scam Indicator was developed with Telstra's AI solutions hub Quantium Telstra to detect scam phone calls, and has gone live after a successful pilot. Namecheck helps customers determine if name and account details are correct before sending a payment.
The numbers: CBA said its data showed Namecheck had prevented 10,000 scam payments worth in excess of $38 million.
The context: Australians have lost roughly $397.4 million to scams in 2023, according to Scamwatch, a website run by the the Australian Competition and Consumer Commission. Phishing scams make up the greatest number of scams reported to the ACCC, and investment scams account for the most money lost.
The source: Media Release
