CommBank reports 76% drop in scam losses as new security features rolled out

Editorial

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The new Gen AI pilot enables anyone using the digital identity protection app Truyu – built by CommBank’s venture scaling arm x15ventures – to take a screenshot of a suspicious looking SMS, upload it into the app, and get instant analysis from CommBank’s Scam Checker tool.

Melanie Hayden, managing director at Truyu, says: “Scam Checker uses Gen AI and CommBank scams intelligence – it’s a powerful combination.

“When you upload a suspicious text to Scam Checker, you’re not just protecting yourself. You’re also helping keep others safe by sharing valuable information that can be used to help protect them too.”

Truyu alerts users in near real-time when their identity is used at major merchants – like banks and telcos – or when their personal information is exposed in a data breach. The app then guides them on what to do next.

In a second innovation, customers using the CommBank app will now be asked to verify certain online card transactions via the app – before the transaction is authorised, in real-time, reducing the need for one-time passcodes for those transactions.

James Roberts, CommBank’s general manager of group fraud, says: “Scammers often impersonate legitimate businesses by sending fraudulent text messages to trick customers into following instructions in the message.

“We’re now asking those customers who use the CommBank app to verify some online card transactions directly in the app instead of sending them a code. We are able to give clearer guidance and warnings in the app than in a text message.”

The CommBank app uses device recognition adding another layer of protection against account takeover.

“Earlier this year CommBank introduced in-app authentication to help stop unauthorised access to a customer’s online banking, even if a would-be intruder has obtained the customer’s password,” says Roberts. “We’re now looking at progressively moving other sensitive notifications and actions into the app – such as transaction alerts and security prompts – to enhance customer protections.”

The new fraud protection features come as the Australian lender reports a 76% drop in customer scam losses since peak (H1 2023). The bank says it is investing $900 million this year to further bolster its cyber defences.