Stopping scammers in their tracks

Payment scams cost Australians a record $3.1 billion in 2022.1  To combat rising fraud and keep you and your customers safe, Commonwealth Bank of Australia (CBA) has combined its tech expertise with unique customer insights.

In an Australian banking first, CBA launched its NameCheck technology in March 2023. It helps reduce false billing and mistaken payments by indicating to customers whether the name and account details they’ve entered appear to be correct.

Protecting more than 11,000 customers so far

Since its launch, NameCheck has helped more than 11,000 CBA customers by preventing more than $11 million in mistaken payments. We’ve also applied the same technology across our business customer channels to help stop payment scams and protect you and your customers from financial loss.

As Australia’s biggest bank, our access to unique technology, customer data and advanced algorithms means we can provide you and your customers with more comfort when making a first-time, non-bulk payment – helping ensure that the name and account details of a payment match. 

We’re also using this technology to prompt you and your customers when you’re paying a recipient to help make sure it’s going to the right account.

CallerCheck gives CBA customers peace of mind 

With scam calls on the rise, CBA also launched CallerCheck, an in-app caller verification technology. CallerCheck allows you to verify whether a caller claiming to be from CBA is legitimate by triggering a security message in the CommBank app. 

A CommBank app message is our preferred method of verification. It’s a more secure way to complete the identification process, and it means you don’t need to provide personal information over the phone.

Helping our overseas banking partners tackle payment fraud

We plan to help other banks that have appropriate controls, monitoring, and oversight to benefit from CBA payment capabilities by using our secure NameCheck technology. By making NameCheck available outside of CBA, we’re strengthening the payment ecosystem to help prevent financial loss.

Other future innovations include enabling pre-validation on cross-border payments – helping us identify issues before you and your customers authorise an overseas payment to Australia.

Find out more

At CBA, we’re always looking for ways to make payments safe, secure and compliant. 

Learn more about our security features and services or talk to your Relationship Manager or Transaction Banking Specialist about ways to prevent financial transaction fraud.

Want to know more?

To learn more from leading experts about what’s important to business and the economy visit CommBank Foresight™ – insights for future-facing businesses.

Things you should know

  • Things you should know

    1 ACCC calls for united front as scammers steal over $3bn from Australians | ACCC

    This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article.

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