CBA is the first Australian bank to add an anti-scam feature ‘’NameCheck’’ on its digital platforms. Also, a new ‘’Callercheck’’ feature is to verify it’s the bank calling a customer. These features are announced to enhance its scam prevention, detection and customer support strategy via the CommBank app.
Since a surge in financial scam is on rise from the last months.The bank has moved to upgrade it’s application. Therefore, it will be helpful to cope with scammers attacking financial institutions.
Technology will help to keep customer’s hard-earned money
Angus Suvillan, CBA’s Group Executive Retail Banking, said: “Scammers are attempting to cause harm to our customers and the community every day. we are working hard to utilize our technology and customer insights to help keep their hard-earned money safe.”
Furthermore, the NameCheck technology would give customers an indication whether the name or account details the entered look right. Or if they mistakenly make payments. NameCheck will be available on the CommBank app, CommBiz and NetBank. The app will start working from march.
Help reduce false billing Scams
Furthermore, the features can reduce false billing scams-known as business email compromise.Sullivan said. “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,”
Sullivan said that scammers are impersonating organizations asking for personal information. He adds, “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 confirm in real time in the safe and control environment of the CommBank app.” These features would decrease scams in financial institutions in Australia.
