CBA Embraces Scam-Safe Accord for Enhanced Fraud Protection

James Roberts, General Manager of Group Fraud at Commonwealth Bank, said: "The bank welcomes the initiatives outlined in the Scam-Safe Accord developed by Australian Banking Association and Customer-Owned Banking Association. At the bank, protecting our customers from scams is a top priority and we stand in full support of these measures.

Scams pose a significant threat to customers and the community. The ABA's initiatives reflect a resolute commitment to combat these challenges by fostering collaboration and implementing robust strategies.

Our firm belief is that a whole-of-ecosystem approach is required to address scams. Detecting, disrupting, and deterring perpetrators is a national priority that needs this type of coordinated response from law enforcement, government, businesses across a range of sectors and consumers.

CBA is making its NameCheck technology available to other banks and organisations who process payments to help protect against business email compromise scams and mistaken payments. As the first bank to make this available to Australians we have helped prevent tens of millions of dollars' worth of scam payments. By making our technology available to the broader industry this will help strengthen Australia's defences against scammers."

CommBank's anti-scam initiatives include:

• National rollout of Scam Indicator - technology which was conceived and developed in partnership with Quantium Telstra to help protect joint Telstra and CBA customers from phone scams.
• Extending industry leading NameCheck technology to other organisations who process payments.
• Introducing holds, declines and limits on payments to cryptocurrency exchanges.
• In-app caller verification CallerCheck technology to give customers peace of mind CBA is genuinely contacting them.

Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.