Proof-of-concept of Scam Indicator shows the potential to double the success rate of phone scam detection and prevention for joint customers and mitigate losses of up to
Scam Indicator, currently in proof-of-concept stage and to be piloted over the next few months, will help protect joint CBA and
Early results of simulations suggest the prospect of improvements in the detection and prevention of scams, potentially mitigating customer losses of up to
The tool is designed to detect certain high-risk scam situations in real time using a Telstra API that CBA will call on as part of its scam detection processes. This enables CBA to check if a customer is on a phone call - the prime indicator that a scam is occurring. This allows CBA the opportunity to try to contact the customer or put in additional checks. To protect the privacy of both parties, CBA is only able to access specific data points relating to scam prevention through the API, and does not have access to any other underlying customer data.
'We are focused on helping customers stay safe by improving early detection and prevention of scams. We have been working with
'We acknowledge that there is more to do given the rising volume and fast changing nature of scams. We're committed to playing our part to address this national priority alongside leading businesses, government, and the broader community,' said
'I'm often asked by people why
'Australians are under constant threat by scammers, who are getting increasingly sophisticated and persistent. Cyber security and addressing the issue of scams is a team effort, and we should be doing all we can to help stem the flow of this criminal activity. Part of this needs to be organisations working together like this to share knowledge and insights and partnering to develop solutions that can help better protect our customers.'
AI is a key part of
Last year,
The Scam Indicator is the latest initiative in both organisations' deep commitment to tackling scams.
Today's initiatives build on a suite of recent announcements from CommBank aimed at helping to protect customers from scams, including NameCheck technology for money transfers and new caller verification via the CommBank app, as well as a national campaign to raise awareness and help Australians to take steps to protect themselves from scams.
Following further testing, the Scam Indicator is expected to be made available by CBA to joint CBA and
For more information on
For more information on CBA's range of security features and services to help keep customers secure, please visit the CommBank safe hub.
-1Forecast loss prevention only, based on results from simulations on historical data during proof-of-concept phase, which revealed an increase in scam detection and mitigation of fraudulent activity involving
(C) 2023 Electronic News Publishing, source