CBA Chief Executive Officer Matt Comyn shared the update on CBA’s scam initiatives with Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, during the Minister’s visit today to CBA's offices in South Eveleigh, Sydney.
Mr Comyn said: “We are focused on helping customers stay safe by improving early detection and prevention of scams and want to make Australia less attractive for scammers.
“While we have seen progress with investment scams reducing following recent changes to cryptocurrency payments, we know the risk of losing money to scams continues to be a top concern for our customers. The battle is ongoing and we must all remain vigilant to scams.
“This type of crime is constantly evolving, so to combat it effectively we must coordinate across financial institutions, telcos, government, social media and digital platforms.”
One common way that scammers operate is to make contact by phone, pressuring their target verbally to make payments. Teams at CBA and Telstra have been working together to leverage sophisticated capabilities from both companies and extend the protection to our joint customer base.
“There's certainly a lot of work that needs to be done and these sorts of partnerships with others in the ecosystem are hugely important. Bringing the strength of different players together provides us with a better chance of stopping the scammers,” Mr Comyn said.
New data released by CBA today shows NameCheck has already helped prevent more than 10,000 scam payments which would have totalled in excess of $38 million, since being introduced earlier this year.2
The NameCheck technology has also reduced mistaken payments by more than $100m since March 2023.3