The Asian Banker Thursday, 18 July 2024

CBA's anti-scam sharing technology unveiled

5 min read

Commonwealth Bank of Australia (CBA) is taking an extra step towards improving Australia’s “whole-of-ecosystem” approach to combatting scams, by being the first bank to integrate and share information into a new anti-scam intelligence loop (intel loop).

Co-designed by the Australian Financial Crimes Exchange (AFCX) and National Anti-Scam Centre (NASC), the intel loop means banks, telecommunications networks, internet service providers and social media companies can share information on scams between themselves more easily - enabling faster action and greater protections.

Organisations that integrate into the loop will be able to quickly share verified information with other participants, so that phone numbers and URLs used by scammers for calls and SMSs can be blocked, and fake websites, social media advertisements and posts taken down.

James Roberts, general manager group fraud at CBA, who recently attended the Minister’s delegation to Singapore said: “We view this as a ‘whole-of-ecosystem’ problem, with the majority of scams originating outside the banking sector, often as fake websites, texts and social media advertisements.

“As the first bank to integrate into AFCX’s intel loop, CBA is committing to sharing across industries the intelligence we collect, to help bolster the nation’s response. It has been encouraging recently to see a reduction in the amount our customers are losing to scams, but there is more to do.”

Roberts added: “Our fraud team helped to build the intel loop infrastructure, adding another layer to Australia’s defence. To combat scams effectively we must coordinate across banks, telcos, governments, social media and digital platforms. CBA encourages key industry players to integrate into the loop, as the more organisations contributing intelligence the stronger our defences will be.”

Re-disseminated by The Asian Banker

Attend Our Next Events
Finance Thailand 2024
25 July 2024
Finance Indonesia 2024
12 September 2024
Finance Philippines 2024
26 September 2024