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The big four bank and the Aussie telco boost anti-scam and fraud-fighting collaboration to detect fraudulently opened accounts.
The Commonwealth Bank of Australia and Telstra have revealed a new string to their scam- and fraud-fighting bow – Fraud Indicator.
Fraud Indicator – developed by CommBank and Quantium Telstra – helps share threat intelligence regarding unusual mobile device service patterns to detect identity fraud. After going live earlier in February this year, Fraud Indicator is expected to boost the detection of fraudulently opened accounts by more than 25 per cent for CommBank and Telstra customers.
In addition, Quantium Telstra will be rolling out to other partners, particularly those with customer interactions based around digital channels.
“Fraudsters show some distinctive behaviours and patterns when it comes to mobile phone usage,” Sandy Cameron, CEO of Quantium Telstra, said in a statement. “When this information is combined with an organisation’s own insights and analysis, Fraud Indicator becomes a powerful tool to prompt interventions, potentially disrupting fraud attempts earlier.”
“As an example, a fraudster signing up for a new bank account provides a mobile number to receive passcodes and authenticate the account. By accessing insights on how this mobile service is used – which differs from normal behaviours – CommBank can better assess the risk that this is a bad actor and potentially stop fraudulent accounts from being opened.”
James Roberts, general manager of group fraud at CommBank, said that keeping “our customers’ money safe” is a key priority for the bank.
“We’ve reduced customer scam losses by more than 70 per cent over two years, but more needs to be done, and we remain focused on continuing to help customers stay safe by improving early detection and prevention,” Roberts said.
“These measures range from sharing behavioural and device-based intelligence with other banks in real time to collaborating across other industries – including with telcos like Telstra – to help make Australia less attractive to scammers.
“It will take a cumulative and legislated effort across industries – including digital platforms and social media companies, telcos and banks – to combat scammers. We’re committed to continuing to innovate and work together with others to protect Australians.”
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.
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