He says that banks are also increasingly working together to both educate customers and enhance detection against scams and fraud.
“We work [closely] with the other banks. We share methodologies on how to stop the latest trend,” Mr Roberts adds.
Increased investment in technology is just one of many ways that Commonwealth Bank is responding to this growing issue.
“We implemented behavioural security, which looks at how the normal genuine user uses their device, what device they use and how they use it.”
Cross sector collaboration is another development, with the Bank, law enforcement agencies and government bodies sharing intelligence.
“We share information between law enforcement and the banks in real time,” says Detective Superintendent Matt Craft who runs the NSW Police Cyber Squad.
Host Deborah Knight concludes the series of Anatomy of a Scam with the key to beating scams: “education is key, knowledge is power.”
Listen to Anatomy of a Scam on your preferred podcast app. To find out more about how we’re protecting your accounts, visit: commbank.com.au/safe