The Commonwealth Bank has made additional capabilities available as part of its plan for scam prevention, identification, and customer service in the hopes that they will help clients recognise fraudulent billing scams and accidental payments.
The new NameCheck function, which is scheduled to go live in late March, will alert consumers if payment information does not match a recognised account number on the CommBank app, NetBank, and CommBiz.
Given its size, the bank has been able to “use innovative technologies” and “sophisticated algorithms to our data on recipient account names,” according to group executive for retail banking Angus Sullivan.
Many individuals believe that when they send money online, the account name of the intended recipient is checked along with the BSB and account number, although this is typically not possible. We now have the information and tools to make this better,” Sullivan added.
Additionally, the bank is launching CallerCheck, an in-app capability that allows CBA personnel to send a notification to a customer’s banking app to confirm they are speaking to a real customer representative.
Customers won’t have to divulge personal information over the phone thanks to the verification technique, which also gives them instructions on how to check if money is being delivered to the right account.
The bank’s other data protection and fraud prevention efforts, such as the deployment of behavioural biometrics features unveiled last year, are built upon by these services.
According to CBA, the creation of the new verification services was motivated by the fact that clients were frequently targeted by scammers several times per week.
