iscover
Share this article on:
Powered by
MOMENTUM
MEDIA
CBA shares anti-scam tech that has already stopped over 10,000 scams since March 2023.
The Commonwealth Bank of Australia has announced the rollout of its NameCheck anti-scam tool to two partners – Bendigo Bank and fraud monitoring firm Satori.
Introduced for retail and limited CBA business customers in March of this year, NameCheck uses payment data and other checks to determine the veracity of account details. The technology is designed to make sure money is going to the right accounts, preventing scams and accidental payments.
Since its introduction, NameCheck has stopped more than 10,000 payments to scam operators, saving about $38 million in losses. It has also helped reduce mistaken payments worth over $100 million.
According to Mike Vacy-Lyle, CBA group executive for business banking, partnering with Satori and Bendigo Bank is about a “‘whole-of-ecosystem” approach to stopping scams.
“In May this year, we announced our intention to extend our NameCheck technology to other trusted institutions in Australia,” Vacy-Lyle said in a statement.
“We are delighted to collaborate with Bendigo Bank and Satori, both of whom play an incredibly important role in the payments ecosystem.
“With scams and fraud costing Australians and businesses billions of dollars annually, it’s clear a whole-of-ecosystem response is needed to combat this problem. We are proud to be able to extend our industry-leading technology to others and contribute to protecting more Australians against cyber criminals.”
Bendigo Bank will be adding NameCheck to its Up banking app, and the bank’s tech chief is keen to see the technology help its customers stay safe.
“We are proud to work with our peers on solutions that provide our customers with additional confidence when making direct payments online,” said Ryan Brosnahan, chief transformation officer at Bendigo Bank. “Cyber fraud is a complex, evolving, and ongoing challenge that the industry, government, regulators, law enforcement, telcos and internet platforms must work together to combat.”
Satori, on the other hand, will be using NameCheck as part of its broader technology stack.
“Australian institutions have recognised the high costs stemming from errors, non-compliance and fraud in their financial processes,” said Mark Bookatz, Satori’s executive director for growth. “We are excited to work with CBA and extend the NameCheck service to our corporate customer base to complement the existing AI-driven financial controls monitoring service driving operational efficiency and preventing fraud.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
Be the first to hear the latest developments in the cyber industry.
